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Ethereum, Ripple, Binance Coin, Cardano and Polygon

This week we take a closer look at Ethereum, Ripple, Binance Coin, Cardano and Polygon. Ethereum (ETH) The past two days have not been easy for ETH as the price corrected again towards the critical support of $2,800, falling nearly 5% in the past seven days. Today’s price action shows that buyers bounced back once the cryptocurrency hit the support level, with price stabilizing just above. The concern now is whether the ETH correction will end or continue here. Should the key support level fail to hold in the coming days, the overall market structure will turn bearish and ETH will become more likely to approach the previous local low of $2,200. The indicators on the daily timeframe are bending downward and could turn bearish soon if buyers fail to put ETH back on the uptrend. So far, the $3,200 resistance has kept it from moving higher. Chart by TradingView Ripple (XRP) After a strong rally last week, XRP has entered consolidation and is forming a big pennant. For this reason, the volatility decreased and the price closed with a loss of 4.9% for the past seven days. A break from the pennant will decide where XRP goes. The main resistance is sitting at $0.96 and the support is at $0.70. With reduced volatility, volume also faded but is expected to rise once price exits the pennant. The current price action is in a flat trend and the indicators are turning bearish, similar to ETH. Looking ahead, the cryptocurrency surprised the market with this most recent rally, and if it can eventually move above $1, it will be back in the spotlight. It is critical that the price is not below the main support for this scenario to materialize. Chart by TradingView Binance Coin (BNB) BNB caused a lot of excitement this week as the price broke above the downtrend that started in November 2021. Unfortunately, the market turned bearish yesterday and pushed the price of BNB back below the breakout level. For this reason, the cryptocurrency returned to where it was seven days ago and registered a loss of 1.6% at the time of this post. If the price can move back above USD 415, BNB has a good chance of climbing towards the key USD 465 resistance and exiting the downtrend again. The current USD 400 support has held up well from this most recent fall and it is critical to hold onto it in the coming days or else BNB’s structure will turn bearish. The indicators on BNB are quite flat on the daily timeframe, indicating that the market could move in either direction from this current level. Looking ahead, as long as BNB manages to stay above $400, it has a good chance of rising again. Chart by TradingView Cardano (ADA) Unfortunately for ADA, the price has remained in a downtrend for most of the past seven days, losing 10% at the time of this release. Indicators remain bearish and ADA is fast approaching the key support at $1. Buyers must defend this key level or the outlook for ADA for the foreseeable future is bleak. Daily indicators are bearish with the MACD doing a negative crossover yesterday and the RSI continuing to make lower lows. This isn’t encouraging, but ADA does stand a chance of staying afloat if buyers manage to keep it above $1. ADA also has two key resistance levels at $1.1 and $1.2, and in February, these levels rejected any attempt by the price to move higher. Chart by TradingView Polygon (MATIC) Yesterday, MATIC fell to the main support at $1.7 and lost most of its gains from more than a week ago when the price was $2. For this reason, the cryptocurrency closed in the red in the past seven days with a decline of 10.7%. Despite the fundamentals and excitement surrounding MATIC’s multi-chain system, price action is still heavily influenced by the broader market. BTC’s most recent correction pulled most altcoins down, including MATIC, which fell more sharply due to the recent rally. While the indicators are bullish at the time of this post, momentum is rapidly declining, and a negative cross on the MACD appears imminent if the price loses the support at $1.7. If that happens, MATIC is likely to drop to $1.4. The main resistance remains at $2, and it is unlikely to be tested again anytime soon, given current market conditions. Chart by TradingView SPECIAL OFFER (Sponsored) Binance Free $100 (exclusive): Use this link to register and get $100 free and 10% off the fees on Binance Futures first month (conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to receive up to $7,000 on your deposits. Disclaimer: The information on CryptoPotato is that of quoted writers. It does not represent CryptoPotato’s views on buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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