This week, we take a closer look at ethereum, Ripple, Cardano, Binance Coin, and Solana.
ethereum (eth)
ethereum continues to struggle to break above the key support at $2,400 and fell by 2.3% this week. The trend remains bearish. Unless the bulls break the key resistance at $2,800, this bias will not change.
The biggest concern at the moment is the negative momentum on higher time frames such as the weekly. The MACD histogram has been forming increasingly lower lows and this trend shows no signs of a possible reversal.
Looking ahead, sellers may continue to push the $2,400 level. If they are not stopped, ethereum may struggle to sustain above that level and fall further in the future.
Ripple (XRP)
XRP lost 5.7% of its valuation this week, but at least in this case, the price has been making higher lows, making sentiment slightly more bullish than ethereum.
The problem with this cryptocurrency is that it has been in a flat trend for years. Somehow, sellers always stopped buyers' attempts to push the price towards $1. In the face of this, XRP bounced between key levels and never left them.
Looking ahead, XRP has good support around 50 cents, but resistance at 68 cents has stopped any ambitious buyers since late 2023. Hopefully, 2024 will offer a clear breakout before the end of the year.
Cardano (ADA)
ADA has plummeted nearly 60% from its recent high in March 2024. This downtrend has been tough on Cardano holders, and it didn’t stop this week either, as the price dropped another 6%.
Under these circumstances, the best that can be hoped for is that the current support at 31 cents holds and does not allow the price to reach a lower low. As long as that happens, there is a good chance that ADA has already bottomed out.
Looking ahead, ADA has resistance at 37 cents and until it breaks, lower lows remain a possibility as any renewed selling will see the current support under a lot of pressure.
Binance Coin (BNB)
Fortunately for BNB, support at $500 was regained, allowing the price to close the week up 1.5%. Closing this week in the green is a rare occurrence in the crypto world right now.
This price action could indicate that BNB’s correction is over. Buyers might try to consolidate around the $500 level before attempting another push higher. The next resistance lies at $560.
Looking ahead, Binance Coin could aim to rally again and hope to approach its current ATH at $721 later in the year if the broader market recovers.
Solana (SOL)
For the past six months, Solana has been stuck in a flat trend and recently made a lower low. This is not bullish and is rather worrying for anyone hoping for higher levels. The price also closed the week with a 9% loss.
While the $130 support has held up well so far, this does not guarantee that it will be retested in the future. Even if the trend is flat, price action tends to be bearish, which could bring the bears back.
Looking ahead, unless the overall market sentiment improves, Solana will struggle to rally back up. The current resistance lies at $164.
Cryptocurrency Price Analysis August 16: eth, XRP, ADA, BNB, and SOL appeared first on CryptoPotato.
