This week, we take a closer look at ethereum, Ripple, Cardano, Binance Coin, and Solana.
ethereum (eth)
After a rough start on Monday, ethereum is closing the week with a 15% loss. The situation was much worse at the beginning of the week, but the bulls have managed to recover some of the losses since then.
Current support lies at $2,400 and resistance at $2,800. Buyers will need to break above $2,800 if they want to regain control of the price action.
Looking ahead, ethereum faces an uphill battle as it struggles to stem the downtrend momentum that only intensified this week following a relentless sell-off. There is hope that the price may have bottomed out on Monday, but it is too early to tell.
Ripple (XRP)
XRP is one of the few altcoins that has returned to pre-crash levels thanks to the positive news that Ripple has reached a settlement with the SEC. Because of that, the price closed with a gain of 5.6% this week.
It’s rare to see a coin in the green on the weekly chart, considering the market had one of the worst drops since the FTX drama. If XRP can consolidate these recent gains, it could challenge the resistance at $0.68 cents next.
Looking ahead, XRP’s recent performance has seen it rally even faster than Solana, which may attract much-needed attention from market participants to strengthen the current bullish momentum.
Cardano (ADA)
ADA also suffered after Monday’s drop and closed the week with a 10% loss. Still, the price managed to bounce well from the 31 cent support and if the relief rally continues, it could even touch the 37 cent resistance.
Unfortunately for holders, the momentum and trend remain bearish. The price has made a lower low, indicating the continuation of this downtrend. To reverse it, the price needs to break above 46 cents and make a higher high.
Looking ahead, ADA continues to fall and has reached levels not seen since 2023. This may be disappointing to some, but perhaps this cryptocurrency is finally approaching the bottom.
Binance Coin (BNB)
The $500 support level failed to withstand the pressure during Monday's decline and collapsed. The price also closed the week with a 10% loss.
However, since Monday, BNB has managed to regain its level and regain its momentum. As long as buyers keep the price above $500, they will have the upper hand.
Looking ahead, Binance Coin is weakened after this drop because the price made a lower low, which may encourage bears to keep up the pressure. That is why it is crucial that BNB does not fall below $500 again.
Solana (SOL)
After a spectacular fall, Solana followed up with a spectacular rally this week and closed with a loss of just 1.7%. This is impressive considering that the price of SOL was close to $110 on Monday and is just below $160 today.
However, buyers are facing resistance at $163, which has halted this relief rally. If buyers fail to overcome this level soon, Solana could fall again.
Either way, Solana's price action was very strong this week and managed to recover at lightning speed. If it manages to break above $163, then the next key target lies at $200.
The post Cryptocurrency Price Analysis August-09: eth, XRP, ADA, BNB and SOL appeared first on CryptoPotato.
