This week, we take a closer look at ethereum, Ripple, Cardano, Binance Coin, and Solana.
ethereum (eth)
ethereum continued its downtrend this week and broke below the key support at $2,400, closing with a 6% loss. This puts the bears back in charge of the price action. If buyers don’t appear soon, eth could reach $2,000 next.
So far, this cryptocurrency has not marked a lower low compared to the August 5 crash, but it has marked a lower high. This reinforces the bearish bias and does not give much hope for a reversal at this point. On the contrary, the price could revisit the lows from early August.
Looking ahead, ethereum is in a tough spot and could sink most of the altcoin market if it fails to reverse this trend.
Ripple (XRP)
XRP is sitting right at the 54 cents support, and sellers are eager to push it below. The price closed the week with a 4% loss and the momentum is bearish. If nothing changes, the current support may be lost soon. If that happens, XRP may drop to 50 cents next.
With volume low and bears in check, options for this cryptocurrency appear limited at the moment and momentum continues to favor the sell side.
Looking ahead, XRP could drop to 50 cents or lower before buyers become interested again. Look at the current support to confirm this bearish trend.
Cardano (ADA)
Cardano attempted to halt the current downtrend but failed to do so. It closed the week with a 9% loss and looked to be in trouble at the time of writing. Its price is also dangerously close to the key support at 31 cents, which could soon come under pressure.
If there is no clear reversal of this bearish trend, ADA holders could continue to suffer lower price levels until a bottom is reached. The early August crash saw buyers rush to acquire this cryptocurrency when the price briefly touched 28 cents.
Looking ahead, ADA is on the verge of testing the 31 cent support. If it holds, buyers have a good chance of reversing this downtrend. The alternative is a quick drop below 30 cents.
Binance Coin (BNB)
Binance Coin had a good year until June, when it hit its current all-time high. Since then, the price has entered an extended correction. However, buyers have managed to keep it above $500 for most of this time.
BNB has regained support at the $500 support level after falling 6.5% this week. If buyers fail to show strength at this level, losing this support could result in a major defeat that could send the price down to lower levels.
Looking ahead, the $500 level is a key turning point. If it fails, bears will dominate the price action.
Solana (SOL)
Solana tried its best to stay bullish, but the market had other plans. Its price dropped by 8.5% this week and the bears don’t seem to be satisfied. On the contrary, the recent break of the $134 support level shows that SOL could fall even further.
The most important support level on the chart right now lies at $100. While it is still some distance away, if this momentum remains unchanged, then Solana could revisit that level.
Looking ahead, the sentiment around this cryptocurrency is slowly shifting to bearish as it failed to hit new highs since March. The current price action shows that it is also likely to hit new lows.
The post Cryptocurrency Price Analysis September-06: eth, XRP, ADA, BNB and SOL appeared first on CryptoPotato.
