Ethereum, Ripple, Cardano, Solana, and Binance Coin

Please fol­low and like us:
Pin Share

This week, we take a clos­er look at Ethereum, Rip­ple, Car­dano, Solana, and Binance Coin.

Charts_friday_2309

Ethereum (ETH)

Despite the bull­ish fun­da­men­tals of Ethereum’s merge, the price of the sec­ond largest cryp­tocur­ren­cy has con­tin­ued its down­trend and reg­is­tered a 10% loss in the past sev­en days. At the time of this post, ETH man­aged to find some sup­port at $1,250, but this lev­el remains fragile.

The resis­tance is not far away at $1,400, and bears will like­ly come in strong if the price man­ages to ral­ly to that lev­el. Unfor­tu­nate­ly for the bulls, the buy vol­ume is just not there to push the price high­er. With the week­end around the cor­ner, the vol­ume will like­ly drop fur­ther, and it’s like­ly that we will have to wait for Mon­day for any sig­nif­i­cant volatility.

Look­ing ahead, ETH seems more like­ly to remain in a down­trend. Only a clean break above $1,400 could reverse this neg­a­tive bias. The indi­ca­tors on the dai­ly time­frame also give a bear­ish sig­nal, and this is unlike­ly to change any time soon.

ETHUSD_2022-09-23_12-27-53
Chart by TradingView

Ripple (XRP)

Rip­ple has been one of the strongest per­form­ers in a mar­ket that has oth­er­wise seen only red in the past week. With an increase of 54% in the last sev­en days, XRP is back in the spot­light, fuel­ing rumors of what could have caused this surge.

This most recent ral­ly came to a halt when the price hit the resis­tance at $0.55. XRP is cur­rent­ly tak­ing a break after such a sig­nif­i­cant move and is con­sol­i­dat­ing under this key resis­tance. The sup­port is found at $0.44 and may not be test­ed if buy­ers remain interested.

This move from XRP has sur­prised the mar­ket, con­sid­er­ing both BTC and ETH have made low­er lows this past week. The biggest ques­tion is if buy­ers will man­age to sus­tain this ral­ly and pro­tect these most recent gains. XRP is known for its sharp increas­es in price, only to be fol­lowed by a grad­ual cor­rec­tion back to pre­vi­ous price levels.

XRPUSDT_2022-09-23_12-34-47
Chart by TradingView

Cardano (ADA)

With the Vasil upgrade going live, Car­dano had a good attempt at ral­ly­ing, but the vol­ume was sim­ply not there to make it count. For this rea­son, ADA’s price reg­is­tered a 2% loss in the past sev­en days. The sup­port is at $0.43, and this key lev­el has man­aged to stop the down­trend in the past.

To turn ADA’s price around and move into an uptrend, buy­ers will have to break the $0.50 lev­el. Oth­er­wise, the cryp­tocur­ren­cy will con­tin­ue to move side­ways between these key lev­els as before. The indi­ca­tors are also rather flat, indi­cat­ing a con­sol­i­da­tion period.

Look­ing ahead, ADA appears to be tak­ing its time before mak­ing any sig­nif­i­cant move. The bias is neu­tral. The best thing that can hap­pen to Car­dano at this time is a break of the key resis­tance at $0.50.

ADAUSDT_2022-09-23_12-43-48
Chart by TradingView

Solana (SOL)

The most recent rejec­tion at the $38 resis­tance has pushed Solana’s price into a down­trend which lost 3% of its val­u­a­tion in the past sev­en days. Now, SOL is found at crit­i­cal sup­port with the price hov­er­ing just above $30.

Buy­ers will have to do all that they can to pro­tect the key­sup­port, because oth­er­wise, Solana will enter a very dan­ger­ous area that could lead the price towards a sig­nif­i­cant drop. In August and Sep­tem­ber, buy­ers were suc­cess­ful to defend the $30 sup­port, but the cur­rent mar­ket does not favor them.

The indi­ca­tors do not give any clear hits on where Solana could go next and are rather neu­tral. This shows mar­ket par­tic­i­pants are hes­i­tat­ing. Usu­al­ly, this type of price action pre­cedes a major move one way or the oth­er. There­fore, best to be pre­pared for that.

SOLUSDT_2022-09-23_12-53-38
Chart by TradingView

Binance Coin (BNB)

Binance Coin has lost the uptrend estab­lished in March 2020. This may spell trou­ble in the future as its price could enter a sig­nif­i­cant cor­rec­tion. For now, the cryp­tocur­ren­cy is con­sol­i­dat­ing in a descend­ing tri­an­gle, rep­re­sent­ed in blue on the chart. For this rea­son, BNB only increased by 1% com­pared to sev­en days acritical

The key sup­port is found at $261, and the resis­tance at $300. This descend­ing tri­an­gle will like­ly be resolved by mid,-October at which point we will know where Binance Coin is head­ed next. Should the price fall below the tri­an­gle, then bears will like­ly dom­i­nate the price action and aim for $200.

Despite this bear­ish out­look, the fun­da­men­tals for BNB remain strong, and any sig­nif­i­cant decrease in price could be fol­lowed by a speedy recov­ery. This is con­tin­gent on the over­all cryp­to mar­ket recov­er­ing since that will bring back demand for BNB on the largest cryp­to, exchange which is behind this coin.

BNBUSDT_2022-09-23_13-07-53
Chart by TradingView
SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Spe­cial Offer: Use this link to reg­is­ter & enter POTATO50 code to receive up to $7,000 on your deposits.

Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.