This week we take a closer look at Ethereum, Ripple, Solana, Binance Coin and Luna. Ethereum (ETH) ETH had a very good week, rallying over 17%. Today, the cryptocurrency broke the critical resistance at $2,800 and the price looks poised to move higher towards its next target at $3,000. This latest move higher comes after ETH retested the key support level at USD 2,500 yesterday. This price action puts an end to the correction and brings a certain optimism to the market. The main question is whether ETH can now move past the $3,000 resistance. A breach above this level would consolidate most recent gains and open the door to a greater recovery. The volume of this latest push isn’t all that impressive, though. As the price moves higher, the bullish momentum must increase or else the price may be rejected by the sellers at the main resistance. The coming week will be decisive in where ETH goes. Chart by TradingView Ripple (XRP) Over the past week, XRP suffered from a flat trend with the price moving sideways, with no momentum to break free from its current range. The $0.65 resistance and the $0.58 support kept the cryptocurrency in check and all attempts by the bulls or bears to escape were halted. The most recent attempt to break below the key support level has failed and bulls have regained control of the price but appear unable to push XRP towards the key resistance. For this reason, XRP has only risen 1% in price in the past seven days. At the time of this release, XRP is missing momentum and volume appears to be flat. This makes an important step in the short term unlikely. If BTC and ETH have a major breakout, XRP may try to break out of this range in the coming week. Otherwise, the flat trend is likely to continue. Chart by TradingView Solana (SOL) SOL had a good week and also broke above the $100 level, which has been a major resistance for the past seven days. Now the price is consolidating just above this level and closing the week with an impressive 17% gain. The biggest challenge for SOL right now is whether it can move higher into the next key resistance of $130. Current price action and indicators support a continuation towards this key level, but a break above that seems unlikely at the time of this post. Looking ahead, SOL is well positioned to recoup its losses from the most recent correction, and the current volume favors the bullish side of the market. As long as this positive momentum is maintained, the cryptocurrency appears poised to move higher. Chart by TradingView Binance Coin (BNB) After BNB plunged below USD 400, the price finally found support at the USD 335 level, preventing the cryptocurrency from moving lower so far. Similar to XRP, price action has been flat for the past seven days, with BNB losing 3% of its dollar value. Currently, BNB is consolidating and may attempt a rally towards the key USD 418 resistance in the coming week. Reclaiming this level would be essential if BNB is to move higher in the future. A failure, on the other hand, would mean that the consolidation could take much longer. The indicators are in favor of the bulls at the moment, but this bias could soon be put to the test as the price moves towards the main resistance. Anyway, given the latest price action, BNB is unlikely to fall much lower, and an upward trend seems more likely in the coming week. Chart by TradingView Luna Luna’s downtrend ended last week, with support finding prices around $45. Now the cryptocurrency is hovering below the key resistance of $54, which has prevented the price from moving up in recent days. Overall, Luna’s weekly performance was poor, dropping 6%. The indicators have not turned bullish yet and Luna appears to be consolidating below the main resistance. Nevertheless, the RSI is making higher lows on the daily timeframe and the MACD could do a bullish crossover if this price action is sustained in the coming days. Looking ahead, Luna is likely to attempt a breach above the USD 54 level and could rise if successful. However, current volume is weak and a breakout seems unlikely at this point. Luna may need a few more days of consolidation before attempting a breakout. 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 get 25% discount on trading fees. Disclaimer: 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 the information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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