Crypto Price Analysis April-11: ETH, XRP, ADA, SOL, and BNB
This week, we examine Ethereum, Ripple, Cardano, Solana, and Binance Coin in greater detail.
Ethereum (ETH)
Ethereum continues to make new lows this year with the price touching $1,400 briefly on Wednesday before buyers returned. The asset closed the week with a 14% loss.
While the support at $1,400 seems to hold for now, the momentum for Ethereum remains firmly bearish. Only in the past four months the price crashed by over 60%. This selloff is extremely aggressive in such a short amount of time.
Looking ahead, Ethereum is still unable to find sufficient buyers to stop this downtrend. Until that happens, expect lower price levels. If $1,400 is not held, then sellers have a good shot at taking this cryptocurrency close to $1,000 next.
Ripple (XRP)
After a lot of back and forth, sellers were finally able to break the key support at $2 and take XRP to $1.6 briefly. However, buyers came back in force in the past three days and managed to return the price to $2. This is why XRP only booked a 4% loss this week.
While the bounce off $1.6 was pretty strong and shows buyers are still very much interested in XRP, this recent drop made a lower low. This places this cryptocurrency in a downtrend, especially if $2 is confirmed as resistance in the future.
Looking ahead, XRP is turning bearish and only a clean rally above $2 could reverse this sentiment. Sellers appear to have the advantage right now even if buyers defended the price well to date.
Cardano (ADA)
Cardano dropped to almost $0.5 this week and closed with a 5% loss. The previous support at $0.64 appears to be turning into a resistance at the time of this post. If confirmed in the days to come, that would mean sellers have the upper hand.
If the downtrend continues, then buyers will likely return at $0.5 and $0.45, where ADA has good support levels. The momentum remains bearish, and there are no signs of a possible reversal yet. For that to happen, ADA needs to break above $0.64.
Looking ahead, Cardano’s sell volume continues to be higher on a net basis since December. This explains the bearish price action. However, there may be an opportunity for the price to reverse around the $0.5 area.
Solana (SOL)
On Monday, Solana briefly fell under $100. This was a major sign of weakness, but buyers took advantage of the discount to return in strength. This allowed the price to recover some of the recent losses and close the week with only a 1% loss.
While this bounce is encouraging, it is too early to say that Solana bottomed here. Failure to break the resistance at $118 would likely allow sellers to return later and take the price back under $100.
Looking ahead, SOL is found at a critical level. It is imperative for the price to maintain a three-digit valuation to remain optimistic.
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Binance Coin (BNB)
BNB closed the week with a 3% loss, but managed to keep its price above the support at $550. This is encouraging and may allow bulls to test the resistance at $600 next.
The recent drop in the price did not make a lower low and this could entice buyers to return in the days to come. So far, this cryptocurrency managed to move sideways without any major loss of market structure despite the volatility.
Looking ahead, BNB may continue to show resilience in a market full of uncertainties. The fact that the price held around $600 for over a year shows that this could be a long consolidation before its next major move.
The post Crypto Price Analysis April-11: ETH, XRP, ADA, SOL, and BNB appeared first on CryptoPotato.
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Crypto Price Analysis April-11: ETH, XRP, ADA, SOL, and BNB
This week, we examine Ethereum, Ripple, Cardano, Solana, and Binance Coin in greater detail.
Ethereum (ETH)
Ethereum continues to make new lows this year with the price touching $1,400 briefly on Wednesday before buyers returned. The asset closed the week with a 14% loss.
While the support at $1,400 seems to hold for now, the momentum for Ethereum remains firmly bearish. Only in the past four months the price crashed by over 60%. This selloff is extremely aggressive in such a short amount of time.
Looking ahead, Ethereum is still unable to find sufficient buyers to stop this downtrend. Until that happens, expect lower price levels. If $1,400 is not held, then sellers have a good shot at taking this cryptocurrency close to $1,000 next.
Ripple (XRP)
After a lot of back and forth, sellers were finally able to break the key support at $2 and take XRP to $1.6 briefly. However, buyers came back in force in the past three days and managed to return the price to $2. This is why XRP only booked a 4% loss this week.
While the bounce off $1.6 was pretty strong and shows buyers are still very much interested in XRP, this recent drop made a lower low. This places this cryptocurrency in a downtrend, especially if $2 is confirmed as resistance in the future.
Looking ahead, XRP is turning bearish and only a clean rally above $2 could reverse this sentiment. Sellers appear to have the advantage right now even if buyers defended the price well to date.
Cardano (ADA)
Cardano dropped to almost $0.5 this week and closed with a 5% loss. The previous support at $0.64 appears to be turning into a resistance at the time of this post. If confirmed in the days to come, that would mean sellers have the upper hand.
If the downtrend continues, then buyers will likely return at $0.5 and $0.45, where ADA has good support levels. The momentum remains bearish, and there are no signs of a possible reversal yet. For that to happen, ADA needs to break above $0.64.
Looking ahead, Cardano’s sell volume continues to be higher on a net basis since December. This explains the bearish price action. However, there may be an opportunity for the price to reverse around the $0.5 area.
Solana (SOL)
On Monday, Solana briefly fell under $100. This was a major sign of weakness, but buyers took advantage of the discount to return in strength. This allowed the price to recover some of the recent losses and close the week with only a 1% loss.
While this bounce is encouraging, it is too early to say that Solana bottomed here. Failure to break the resistance at $118 would likely allow sellers to return later and take the price back under $100.
Looking ahead, SOL is found at a critical level. It is imperative for the price to maintain a three-digit valuation to remain optimistic.
-
Binance Coin (BNB)
BNB closed the week with a 3% loss, but managed to keep its price above the support at $550. This is encouraging and may allow bulls to test the resistance at $600 next.
The recent drop in the price did not make a lower low and this could entice buyers to return in the days to come. So far, this cryptocurrency managed to move sideways without any major loss of market structure despite the volatility.
Looking ahead, BNB may continue to show resilience in a market full of uncertainties. The fact that the price held around $600 for over a year shows that this could be a long consolidation before its next major move.
The post Crypto Price Analysis April-11: ETH, XRP, ADA, SOL, and BNB appeared first on CryptoPotato.
Read More