This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Polkadot.
Ethereum (ETH)
This week, the market sentiment completely changed and the bulls took full control of the price action. ETH rallied 21%, making it the best performer on our list. This spectacular rally allowed it to break above the key resistance at $1660, which has now turned support.
With the uptrend in full swing, this cryptocurrency can reach $2,000, which is a key psychological level. Momentum indicators are bullish and there are no signs of exhaustion yet.
Looking ahead, it seems likely that ETH could move higher and test the key resistance levels found at $1,800 and $2,000. Sellers have already paid dearly trying to short the market and for this reason are absent at this time.
Ripple (XRP)
While most of the market is picking up, XRP appears to be lagging behind, posting only a 1% rise last week. This is quite surprising, considering the widespread bullish sentiment.
As XRP is a momentum coin, it is possible that its price could rally at a later time when money turns from altcoins that are currently making significant moves. Key resistance is at 40 cents, and support has been well defended to date, just above 34 cents.
Looking ahead, XRP appears to be trending between key levels without a significant breakout.
Cardano (ADA)
Cardano’s downtrend came to an abrupt halt this week and saw a 10% price rise. This is a significant change in price action that was bearish a week ago.
With buyers on the offensive, it looks like the key resistance at 35 cents will not keep the price down for long, and a breakout can be expected in the next few days. Current support is at 30 cents.
Looking ahead, ADA is turning bullish and could soon attempt to break through key resistance, which could lead the way towards the 38 cent level below. If that is successful, then the most significant level on the chart will be the key resistance at 42 cents.
Binance Coin (BNB)
After Binance announced its intention to purchase BNB using its $1 billion worth of industry recovery fund, the price did not waste a minute and began to rise, recording a 20% increase this week. This momentum only intensified as the week progressed.
As of this writing, Binance Coin is sitting just below the key resistance at $346. The last time you visited this level, your price was strongly rejected. However, a second attempt can turn this level into support and open the way for a higher valuation.
Looking ahead, the outlook for BNB is bullish, and this latest news from Binance has put sellers on the run as they are nowhere to be found.
Polka Dots (POINT)
Over the past week, DOT has found good support at just over $5, and since then the price has risen 20%. This momentum is expected to continue, and the price could reach the key resistance of $7.5 below.
With a clear higher low on the three day time frame, it could be that Polkadot is now entering the third impulse in a five wave Elliot structure. If so, then buyers are likely to be in full control of the price until key resistance.
Looking ahead, DOT has a good chance of recouping some of its losses from this bear market and getting back into double-digit valuation this year.
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