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This week, we’ll take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
Yesterday the market turned bullish and Ethereum broke above $2,000. This allowed it to post a respectable 7% increase in prices this week. The momentum is brisk, and looks likely to continue.
Current resistance is found at $2,120 and reflects the local high reached in April, which was also the last time ETH broke above $2,000. A second attempt to break this key level could be successful if the buyers manage to sustain and build on the momentum here.
Looking ahead, ETH price is expected to at least test key resistances. If the sellers don’t hold the price there, it could survive and move towards the next $2,500.
Ripple (XRP)
XRP has been the star of the show this week, recording an astonishing 72% price increase. We all knew that this cryptocurrency was a momentum coin, but it has exceeded any expectation. This makes XRP the best performer this week.
The reason Ripple exploded is because it won a lawsuit against the SEC, in which the judge declared that the token is not a security unless it is bought or sold on a third-party exchange. This spurred the entire market as it meant that most people would be treated equally before the law.
Looking ahead, XRP is facing resistance at 92 cents and decent support at 68 cents. After such a huge pump, a pullback also seems likely. The buyers are expected to be able to keep XRP above the key support level.
Cardano (ADA)
ADA is another altcoin that has benefited from the outcome of the XRP lawsuit. It immediately broke the resistance of 30 cents and moved much higher, recording a 24% price increase on the week.
Signs are present for Cardano, which formed a large ascending triangle, and a breakout seems imminent. Now that it’s confirmed, current resistance lies at 37 cents, with good support at 35 cents.
looking aheadADA should do its best to defend its recent gains and defend the support at 35 cents. Otherwise, it could see a deep correction after such a massive price increase.
Binance Coin (BNB)
This week Binance Coin was saved from falling below its key support level at $230. It formed the highest level and in the process, a 9% price increase was registered. This could also lead this cryptocurrency towards a sustained rally.
Current resistance is found around $250, and buyers may attempt to break this key level in the coming days and reverse some of the losses recorded in June when the SEC sued Binance.
Looking ahead, with market sentiment bullish, Binance and BNB may see increased interest as market participants return. This should have a positive effect on the price of BNB, which is expected to be able to reclaim the $300 level in the near future.
Solana (SOL)
Solana surprised with its performance after surging 40% this week alone. Its price has more than doubled since June. Yesterday’s surge also took SOL above $30, but the bulls could not sustain the price above this key level.
Current resistance is found at $33 and support at $26.5. Considering the huge increase in price, Solana may register a minor correction to allow the market to digest this significant move.
Looking ahead, the cryptocurrency has good chances to hold above the key support and consolidate above it before attempting to break above $30 again.
The post Crypto Price Analysis Jul-14: ETH, XRP, ADA, BNB and SOL appeared first on Cryptopotatoes.
