This week, we dive into the price movements and market outlook for Ethereum (ETH), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), and Solana (SOL), as these cryptos continue to experience shifts driven by news and technical factors.
Outlook Summary:
- ETH: Still facing resistance at $2,400 but could recover if it holds above $2,000.
- XRP: Positive outlook as consolidation between $2 and $3 may lead to a breakout.
- ADA: Potential for continued bullishness if it surpasses $1.32.
- BNB: Could favor bulls if it stays above $600 and reacts positively to US policy news.
- SOL: Key support at $134; a breakout above $164 could signal a reversal
Ethereum (ETH)
Ethereum closed the week in red, seeing a 3% decline. Despite attempts to hold above $2,400 following news that ETH will be part of the upcoming US Crypto Strategic Reserve, the price failed to sustain that level.
At the time of writing, ETH is testing the $2,400 resistance again, but the overall trend remains bearish on higher timeframes. However, momentum on lower timeframes is showing bullish signs.
ETH’s ability to stay above $2,000 is critical for a potential recovery. With the White House Crypto Summit on Friday, there could be more positive news that may bring buyers back into the market.
Ripple (XRP)
XRP had a significant rally this week, gaining 13%, following news of its inclusion in the US Crypto Strategic Reserve. The price nearly touched $3 before hitting resistance.
XRP is now consolidating between $2 and $3, with a breakout expected to push the price significantly higher. A break above $3 would pave the way for further gains. The news has shifted the market sentiment positively, providing an advantage to buyers.
Cardano (ADA)
ADA saw an 80% rally between Sunday and Monday, triggered by Trump’s tweet regarding the US Crypto Strategic Reserve. The price briefly touched $1 before pulling back. Despite this, ADA closed the week with a 41% gain.
To confirm the bullish trend, ADA must reach a higher high above $1.32. The resistance levels at $1 and $1.3 are crucial for further upward movement. ADA has a chance to reignite its November 2024 rally, with support at $0.9.
Binance Coin (BNB)
Binance Coin (BNB) did not see significant movement after Trump’s tweet and closed the week with a 2% loss. However, BNB is hovering around $600, a key level where buyers have shown interest in the past.
BNB found strong support around $550 earlier, and the current task is to turn $600 into support. If BNB can hold above this level, bullish momentum could resume. The upcoming crypto policy news from the US might increase volatility, and if BNB stays above $600, it could favor buyers in the near term.
Solana (SOL)
Solana spiked to $180 after Trump tweeted about its inclusion in the US Crypto Strategic Reserve, but sellers quickly took the price back down within 24 hours, leading to only a 5% gain for the week.
Solana has confirmed $134 as a strong support level, which is a positive sign for buyers. The next challenge is to break the resistance at $164 to signal a potential reversal in the downtrend. Bulls need to push SOL above this level for a confirmed uptrend.
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