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This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Litecoin.
Ethereum (ETH)
Ethereum’s volatility increased this week, and it managed to book a 4% price increase. This puts ETH in an uptrend and confirms the $1,820 level as support.
To remain in the green, ETH will need to break above two key levels, $2,000 and $2,100, which currently act as resistance. The bears showed no resistance at $2,000 in April but strengthened at $2,100. It remains to be seen whether this time will be any different.
Looking ahead, buyers have returned to Ethereum. However, it is too early to tell whether they are serious about maintaining this momentum. A clean breakout above the two key resistance levels will give them complete control over the price.
Ripple (XRP)
In a surprising move, XRP has reached 50 cents this week and recorded an 11.7% price increase, making it the best performer on our list. The price is now just below the key resistance of 53 cents, which has historically repelled any attempts by buyers to move XRP higher.
In April, sellers consolidated at the current resistance level and did not allow it to move higher. If they reject the price again, the key support lies at 44 cents.
Looking ahead, XRP has great opportunities to break out of its current range established in April and May. If the resistance breaks, buyers may have a good chance to take XRP to 60 cents next.
Cardano (ADA)
Cardano has lagged behind XRP, and its price action is similar to that of ETH, which has allowed it to book a 4% price increase this week. Major resistance lies at 38 cents, while support lies at 36 cents.
Given that the price has reached a higher high, the trend is bullish. However, to sustain this momentum, ADA needs to turn the 38 cents level into support. Otherwise, it may continue to range as it did for most of May.
looking ahead, Cardano has a good chance to break higher, but there is still a lack of confidence from the buyers. This could quickly change if the bulls propel the price above 38 cents.
Binance Coin (BNB)
Binance Coin had a rough week, unable to establish a clear trend. For this reason, the price remained relatively flat this week with a modest 0.5% increase.
BNB has failed to break the key $313 resistance several times in May. This shows that sellers are keeping a hold on the price for the time being. The momentum indicators lean bearish, and this looks unlikely to change with this price action.
Litecoin (LTC)
Litecoin had a great week after booking an 8.5% price increase. Now, the price is trading well below the key $95 resistance. While the bulls may break this key level, the real test awaits at $100 and above. Since the beginning of 2023, LTC has failed to maintain a triple digit price even though the bulls have managed to carry it several times.
With the increase in buying volume, the current sentiment seems to be in favor of the bulls. However, the road to a three-digit valuation is going to be a bumpy one as sellers may be eager to return once LTC reaches $100.
Looking ahead, the momentum is bullish and this price action has formed an ascending triangle. If the buyers are successful, the $100 resistance could turn into a key support, opening the way for much higher valuations for LTC.
The post Crypto Price Analysis Jun-2: ETH, XRP, ADA, BNB, and LTC appeared first on CryptoPotato.
