Ethereum has experienced some volatility this week, with the price briefly breaking above $3,000 before entering into a correction. The key support at $2860 will be crucial for buyers to maintain the bullish momentum. Failure to reclaim $3,000 could lead to a deeper correction, although high timeframes still signal a bullish outlook. Any pullbacks are expected to be short-lived.
Ripple saw a successful break above the 54 cents resistance level, but the price fell by 5.6% in the same week. The momentum indicators on the daily timeframe show a loss of bullish bias, although it is too early to determine if bears are returning. Holding above 54 cents is essential for buyers to control the price, as a drop below this level could give sellers an advantage and drive the price lower.
Cardano’s price action mirrored Ethereum’s, with a break above 60 cents followed by a downturn and a 3% loss for the week. Sellers seem to dominate the market, potentially pushing ADA towards 50 cents if buyers do not intervene soon. New highs for Cardano are unlikely until this correction is complete, with a possible bounce back from the support level at 50 cents.
Solana experienced a correction earlier than other major altcoins, with an 8.5% drop in price this week. The downtrend began after SOL was rejected at the $117 resistance level, with key support levels at $95 and $78. A further decline into double digits would be unexpected after recent highs, and buyers may step in once the correction finds support and reverses the trend.
Binance Coin’s Rally
Binance Coin stood out as the best performer this week, with a 6% price increase and a new yearly high. The bullish bias remains, but market sentiment could impact further price increases. Buyers will need to push BNB above $377 and establish this level as support to sustain the rally towards breaking $400. Failure to hold above $377 may trigger a correction towards $330 or $300.
The cryptocurrency market continues to show volatility and uncertainty, with each of the top cryptocurrencies facing unique challenges and opportunities. It is essential for buyers to maintain key support levels to avoid deeper corrections and for sellers to capitalize on any weakness in the market. Overall, the outlook remains positive for most cryptocurrencies, but caution is advised as the market continues to evolve.
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