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Ethereum, Ripple, Cardano, Solana, and Binance Coin

Ethereum, Ripple, Cardano, Solana, and Binance Coin

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

Ethereum (ETH)

Despite rising fundamentals rallying Ethereum, the price of the second-largest cryptocurrency has continued its downtrend, posting a 10% loss over the past seven days. At the time of this publication, ETH managed to find support at $1,250, but this level remains fragile.

Resistance is not far away at $1,400, and the bears are likely to strengthen if the price manages to rise to this level. Unfortunately, the bulls’ buying volume just isn’t ready to push the price higher. As the weekend approaches, volume is likely to drop further and it is likely that we will have to wait until Monday for significant volatility.

In the future, ETH seems more likely to remain in a downtrend. Only a clean break above $1,400 can reverse this negative bias. Indicators on the daily time frame are also giving a bearish signal, and this is unlikely to change anytime soon.

ETHUSD_2022-09-23_12-27-53
TradingView chart

Ripple (XRP)

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

This latest rally stalled when the price hit resistance at $0.55. XRP is currently taking a pause after such a significant move and is consolidating below this key resistance. Support is $0.44 and may not be tested if buyers are still interested.

This move by XRP has taken the market by surprise as both BTC and ETH have hit record lows in the past week. The biggest question is whether buyers will be able to sustain this rally and protect these recent gains. XRP is known for its sharp price increases, but this is followed by a gradual correction back to the previous price level.

XRPUSDT_2022-09-23_12-34-47
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Cardano (ADA)

When Vasili’s update went live, Cardano had a good attempt to rally, but the volume just wasn’t there. Therefore, the price of ADA decreased by 2% in the last seven days. Support is at $0.43 and this key level has successfully stopped the downtrend in the past.

To turn the price of ADA around and enter an uptrend, buyers need to break above the $0.50 level. Otherwise, the cryptocurrency will continue to move sideways between these key levels as before. The indicators are also quite flat, which suggests a period of consolidation.

Going forward, the ADA seems to be taking its time before making any major moves. Bias is neutral. The best thing that can happen to Cardano right now is a break of the key resistance at $0.50.

ADAUSDT_2022-09-23_12-43-48
TradingView chart

Sunshine (SUN)

The latest rejection of the $38 resistance has pushed Solana’s price into a downtrend, losing 3% of its value in the last seven days. Now SOL has critical support and the price is hovering just above $30.

Buyers must do everything they can to protect key support, otherwise Solana will enter a very dangerous area that could lead to a significant drop in price. In August and September, buyers managed to defend the $30 support, but the current market is not in their favor.

The indicators don’t give clear hits on where Solana might go next and are pretty neutral. This shows that market participants are hesitating. Usually this type of price action precedes a big move in one direction or the other. That’s why it’s best to prepare for it.

SOLUSDT_2022-09-23_12-53-38
TradingView chart

Binance Coin (BNB)

Binance Coin has lost the uptrend established in March 2020. This may cause problems in the future as its price may undergo a significant correction. Currently, the cryptocurrency is consolidating in a descending triangle, shown in blue on the chart. This is why BNB only increased by 1% compared to the seven-day critical value

The key support can be found at $261 and the resistance at $300. This descending triangle will likely be resolved by mid-October, when we will know where Binance Coin is headed next. If the price breaks below the triangle, the bears will likely dominate the price action and target $200.

Despite this bearish outlook, BNB’s fundamentals remain strong, and a significant price drop could be followed by a quick recovery. This depends on the general recovery of the crypto market as it brings back the demand for BNB on the biggest crypto exchange behind this coin.

BNBUSDT_2022-09-23_13-07-53
TradingView chart
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Disclaimer: The information found on CryptoPotato is the information of the credited authors. It does not represent CryptoPotato’s opinions on whether to buy, sell or hold investments. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

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