This week, we take a closer look at ethereum, Ripple, Cardano, Binance Coin, and Solana.
ethereum (eth)
The market has had a great week so far and ethereum closed with a 9% price increase. On Wednesday, the Fed cut the interest rate by 0.50%, which proved to be extremely bullish for cryptocurrencies. Since then, eth has also managed to break above $2,400.
With the return of buyers, the momentum is turning bullish again. The current target for this cryptocurrency is $2,800, which will also act as resistance. The former resistance of $2,400 is now a key support and as long as it is not lost, buyers have the upper hand.
Looking ahead, ethereum is finally showing signs of recovery after months of rough price action where bears dominated.
Ripple (XRP)
XRP is up 4% this week but seems to be lagging behind other market leaders like ethereum or Solana. This could be because it already broke its 54 cents resistance last week and buyers may be distracted by other opportunities at the moment.
However, the momentum remains bullish in this price action, and XRP needs to make a higher high to sustain it. A clear break above 60 cents can restore confidence and see the price attempt to test the next key target at 68 cents.
Looking ahead, XRP may be preparing for its next big move, especially if the broader market remains bullish.
Cardano (ADA)
So far in September, ADA has been bouncing between key levels, but this could be its most important opportunity to break the 37 cent resistance. While the price closes the week up by just 1%, there is a lot of optimism that Cardano may finally be able to achieve a breakout.
The past two weeks, the price found good support around 33 cents, and sellers were unable to push ADA below that level. This improved confidence in the price action and buyers returned.
Looking ahead, the biggest challenge for this cryptocurrency is to break above 37 cents. That would put ADA back on the offensive to recover the losses suffered since March 2024.
Binance Coin (BNB)
Binance Coin continues to perform strongly and closed the week with a 6% price increase. This allowed buyers to keep the price well above the $500 support and even aim towards $600, which is the current target of this uptrend.
Buyers are dominating at the moment, which shows the promise of a sustained uptrend in the coming weeks. Moreover, on the 3-day timeframe, the MACD made a bullish crossover, which is gaining momentum. This favors the continuation of this uptrend.
Looking ahead, BNB is in a strong position based on its price action, showing that it is ready to challenge the highs from earlier this year.
Solana (SOL)
Solana is our best-performing cryptocurrency this week, with a price increase of 12%. As soon as the resistance at $134 was broken, buyers rushed to buy this cryptocurrency and the price skyrocketed.
The current rally comes on the back of strong buying volume, which could see SOL test the $164 resistance in the coming days. That would only encourage buyers to keep buying it.
Looking ahead, Solana is back in the spotlight and market participants seem to prefer it over other major altcoins. If this market rally continues, Solana may be one of the first to benefit.
The article Cryptocurrency Price Analysis September-20: eth, XRP, ADA, BNB and SOL appeared first on CryptoPotato.
