Crypto Price Analysis September-13: ETH, XRP, ADA, BNB, and SOL

As a seasoned researcher with years of experience in the cryptocurrency market, I find myself constantly amazed by its volatility and unpredictability. This week, I’ve been closely watching five major players: Ethereum, Ripple, Cardano, Binance Coin, and Solana.

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

Ethereum (ETH)

Over the past seven days, Ethereum’s value has stayed near the crucial barrier of $2,400. At present, buyers are attempting to convert this resistance into support, but they seem to be lacking the necessary push, explaining why the cryptocurrency hasn’t shown significant price changes since our last discussion.

At present, sellers maintain control over the price as I write this. Yet, there was no new record-low set by sellers last week, suggesting that buyers may soon drive up the price of Ethereum.

Moving forward, for Ethereum (ETH) to halt its decline, it needs to surmount the current resistance in the upcoming days. Failing to do so might lead to a swift drop towards the subsequent support levels at approximately $2,100 and $1,800.

: Chart by TradingView

Ripple (XRP)

To my analysis, it’s noteworthy that XRP experienced a 6% rise in value this week, closing on an optimistic note. Moreover, the critical $0.54 level seems to have transformed into a foundation of support for the cryptocurrency. This bullish development suggests a potential market readiness to ascend once more, positioning us as analysts to potentially witness further growth in XRP’s price.

The present resistance level stands at $0.68, and it might be revisited if the purchasing pressure persists. Over the past week, buyers have accounted for the majority of trading volume on six out of seven days. This suggests that there’s robust interest in this cryptocurrency.

As a crypto investor, I’m optimistic about the potential future of XRP. I believe it could breach the $0.6 mark in the near term, but once it hits this level, a temporary pullback might occur due to resistance at that point.

: Chart by TradingView

Cardano (ADA)

Last week saw a significant surge for ADA, ending with a 11% rise in value. This marks a welcome shift following a prolonged decline since March. Yet, for assurance that we’ve weathered the worst, the price must reach a new peak to confirm this uptrend.

Before the price exceeds $0.4, it’s premature to conclude whether the downward trend has ended. The present price movements are encouraging, and the first significant test lies at the $0.47 resistance point. If the bulls successfully push the price above that barrier, there’s a strong possibility that ADA will reach a new high.

As we move forward, there’s growing optimism about this asset, with signs of buyers re-emerging, having been particularly active over the past week. Keep an eye on the resistance at $0.37 in the coming days, as it could play a crucial role in determining ADA‘s future direction.

: Chart by TradingView

Binance Coin (BNB)

As a researcher, I’ve been closely observing Binance Coin’s performance, and it’s quite remarkable to see its resilience. For the third time, it has successfully defended the support at $500. This not only speaks volumes about its robustness but also instills confidence in potential investors. The week ended on a positive note as buyers re-entered the market, resulting in an 8% price increase. Quite an impressive turnaround!

Here’s hoping that this is indeed the final hurdle for this crucial support level, allowing BNB to aim towards increased prices. Potential resistance levels can be seen at around $600 and $700, should these levels be attained, it’s probable that sellers and profit takers will become active.

Moving forward, Binance Coin (BNB) appears poised to rebound and potentially reach its current record high of $721 before the end of 2023.

: Chart by TradingView

Solana (SOL)

This week, Solana attempted to surpass the barrier at $134, yet it didn’t succeed. This resistance seems to be preventing further price advancement. However, despite this setback, the asset still achieved a 5% price growth, indicating potential for future progress.

It seems that potential buyers are hesitant, and this pattern mirrors Ethereum’s predicament, facing challenges at crucial resistance levels. However, if the broader market exhibits a bullish trend, it is probable that Solana will surpass its current resistance, setting it on an upward trajectory again.

As Solana moves forward, it needs to transform its current resistance level at $134 into a new support level in order to reach the next significant goal of approximately $164.

: Chart by TradingView

2024-09-13 14:20