As a seasoned crypto investor with over five years of experience under my belt, I’ve learned to navigate the volatile seas of this digital market with a steady hand and a keen eye for trends. This week, I’ve been keeping a close watch on Ethereum (ETH), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), and Solana (SOL).
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
This week, Ethereum has attempted to hold its ground at $2,400 as a line of defense, and it has been successfully maintained thus far. On Thursday, Ethereum showed signs of recovery from recent setbacks, surging towards $2,600 once more, but was halted and subsequently fell around $100 lower.
In the month of August, the value of this digital currency remained within a broad band, fluctuating between approximately $2,400 and $2,800. However, it has repeatedly rebounded from these significant thresholds without managing to break through them.
Moving forward, Ethereum is attempting to gather strength and establish a solid foundation above its crucial support level. Should it maintain this position effectively, we could see its value increase in the near future.
Ripple (XRP)
This week, XRP dropped to its crucial support level at approximately $0.54 and ended with a 6% decline. Currently, it appears that sellers are once again in control of the XRP market, having halted the upward trend established on Thursday, pushing the token back up to around $0.56.
The low volume has led to a decrease in market turbulence since the dip in early August. Consequently, the asset has been moving horizontally rather than significantly increasing or decreasing for the past fortnight, reflecting a period of consolidation.
In the future, the price of XRP needs to overcome the significant barrier at $0.68 for a lasting upward trend to commence. This level serves as a crucial hurdle that must be surpassed first.
Cardano (ADA)
Initially, ADA dropped below 0.37 dollars, but it rebounded in the middle of the week. Lately though, within the last 12 hours or so, its trend has reversed downwards again. If buyers can maintain the price above 0.37 as a support level, there’s an optimistic outlook for a continuous recovery. However, the recent trend shows otherwise, and ADA is currently trading at 0.35 dollars.
This week, Cardano has formed a higher low, indicating that buyers currently hold the upper hand, even amidst volatile trading on Monday and Tuesday. If it successfully recovers to around $0.37, its potential resistance and target could be at approximately $0.46.
Moving forward, for ADA to show a positive trend, it should reach a new peak. This could potentially trigger interest from more investors. To attain this level, the price must surpass 39 cents.
Binance Coin (BNB)
Binance Coin, much like Cardano, has shown some resemblance. Despite the recent week’s market downturn, it managed to establish a higher support level. However, its weekly closing showed a decline of about 9%, indicating that potential buyers held back a bit in the recent trading sessions.
Support for the price holds strong at around $500, yet it wasn’t challenged during this recent market downturn this week. This is considered a positive sign because it suggests that buyers stepped in early and prevented the asset from re-testing this level. Essentially, this implies that there continues to be significant interest in this particular cryptocurrency.
Moving forward, Binance Coin should strive to surpass the peak of $600 in order to touch its present All-Time High (ATH) of $700 again.
Solana (SOL)
Last weekend, Solana saw a surge, but it couldn’t break through the significant barrier at $164. This resistance caused a reversal, leading to a 5% drop by the end of the week. Currently, potential buyers have shown signs of interest around the support level of $134, preventing a test of this level so far.
So, if SOL stays within the specified crucial limits, it’s a sign that it’s strengthening and gearing up for its significant upcoming shift.
If the market shows a bullish trend once more, it’s plausible that Solana may strive to surge past its previous high of $164. Such a move might inspire traders to propel Solana (SOL) towards a fresh rally, potentially reaching $200.
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2024-08-30 08:43