This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
The market turned bullish yesterday, and Ethereum broke above $2,000. This allowed it to book a respectable 7% price increase this week. The momentum is bullish, and continuation seems likely.
The current resistance is found at $2,120 and represents a local high achieved in April which is also the last time ETH broke above $2,000. A second attempt to break this key level could be successful if buyers manage to sustain and increase the momentum here.
Looking ahead, ETH’s price is expected to at least test the key resistance. If sellers won’t hold down the price there, then it could escape and move towards $2,500 next.
XRP has been the star of the show this week and booked a mind-blowing 72% price increase. We all knew this cryptocurrency was a momentum coin, but this surpassed any expectations. This also makes XRP the best performer this week.
The reason Ripple exploded is because it won a lawsuit against the SEC whereby the judge declared that the token is not a security so long it was bought or sold on a third-party exchange. This turned the whole market bullish as it means most would likely be treated the same in front of the law.
Looking ahead, XRP faces resistance at 92 cents and has good support at 68 cents. After such a massive pump, a pullback also seems likely. Hopefully, buyers seem likely to manage to hold XRP above the key support.
ADA is another altcoin that benefited from the XRP’s lawsuit result. It quickly broke the 30 cents resistance and moved much higher, booking a 24% price increase this week.
The signs were there for Cardano, which formed a large ascending triangle, and a breakout seemed imminent. Now that this was confirmed, the current resistance is at 37 cents, and there is good support at 35 cents.
Looking ahead, ADA should do its best to protect its most recent gains and defend the support at 35 cents. Otherwise, it could enter a deeper correction after such a massive increase in price.
Binance Coin (BNB)
Binance Coin was saved this week from falling below its key support at $230. It made a higher high and, in the process, booked a 9% price increase. This could also lead this cryptocurrency into a sustained rally.
The current resistance is found at around $250, and buyers may attempt to break this key level in the days to come and reverse some of the losses booked in June when the SEC sued Binance.
Looking ahead, with the market sentiment turning bullish, Binance and BNB might see an influx of interest as market participants return. This should reflect positively on BNB’s price, which hopefully will be able to reclaim the $300 level in the future.
Solana surprised with its performance after increasing by 40% this week alone. Since June, its price has more than doubled. Yesterday’s pump also took SOL to over $30, but bulls could not maintain the price above this key level.
The current resistance is found at $33, and the support at $26.5. Considering the massive increase in price, Solana could enter a short correction to allow the market to digest this significant move.
Looking ahead, this cryptocurrency has a good chance to hold above the key support and consolidate above it before it attempts to break above $30 again.
The post Crypto Price Analysis July-14: ETH, XRP, ADA, BNB, and SOL appeared first on CryptoPotato.