We take a closer look this week at Ripple and Cardano, Aptos and Binance Coin.
The Ethereum rally fell this week as its price dropped below $1,600. This resulted in a mere 2% gain. On shorter timeframes, the current trend seems to be bearish. A test of $1,550, which is the key support, appears imminent.
Given the above, buyers are unlikely to keep the price steady in the short term. A pullback or correction seems more likely. Buyers can best aim to maintain the key support levels of $1,550 or $1,400.
ETH could enter a period of low volatility after such a dramatic rally. This could be a bullish sign, provided buyers don’t allow the price drop too much.
The situation in which XRP is located is similar to Ethereum. The price of XRP saw a 4% rise in the last week, but it seems that the bulls are losing momentum. Market participants seem more interested in testing key support at 40cs than challenging resistance at 44cs.
This cryptocurrency could fall to $0.36 if buyers don’t hold $0.40 cents. This would also make XRP market sentiment bearish.
The volatility is expected to increase as support levels are reached. It is important to be cautious.
Cardano achieved a higher high last week but the RSI, MACD and MACD both reached lower lows. This is known as a bearish divergence, which alerts potential buyers that bullish momentum could shift.
ADA managed to still book a 11% price rise in the last week, placing it ahead XRP, ETH, and ETH. ADA has good support at $0.36 Cents and could consolidate higher to overcome the resistance at 40 Cents.
Cardano faces a challenging future. Sellers who have waited patiently for their turn will exploit any failure to reach $0.40 cents.
After a 127% price rise, Aptos is our clear winner. This remarkable performance is due to an incredible rally that began in January. APT’s value has risen by more than 400% since then.
The cryptocurrency could continue to rally in the short term. A possible reversal point can also be found based upon the Fibonacci extensions at $22.
If bears decide to overtake the price action, Aptos will have support at $16 or $11 in the near future. The trend is bullish, but buyers remain in a very favorable position for now.
Binance Coin (BNB).
Binance Coin saw a price rise of 3.6% in the last week. The key support of $300 was also upheld by buyers. Bears have tried several times to break this support, but so far they have not succeeded.
The key resistance at $330 is not being tested and buyers don’t have the power at the moment to push the price above the key support. This could be taken as a sign that the market is weak. The bulls have the upper hand, as long as the $300 key level holds.
BNB seems to be consolidating at its key support level. This may continue until the market finds an equilibrium at that level.
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