Ethereum recently surpassed the $3,000 mark, experiencing a 4% price increase. However, after hitting this milestone, ETH began a correction, potentially leading to a re-test of the key support level at $2,860. To sustain its bullish momentum, buyers must defend the key support and aim to reclaim the $3,000 mark. Failure to do so could invite sellers back into the market, triggering a more significant correction. Despite this setback, Ethereum remains bullish on high timeframes, indicating that any pullbacks are likely to be short-lived.
After breaking above the resistance at 54 cents, Ripple encountered a 5.6% loss this week. If buyers can maintain the price above 54 cents, XRP may target its next major resistance at 68 cents. While daily momentum indicators are losing their bullish bias, it is premature to predict a bearish trend. To sustain its upward trajectory, XRP needs to hold above 54 cents; otherwise, sellers could exert pressure, driving the price lower to 50 cents or below.
Similar to Ethereum, Cardano surpassed the 60 cents level before retracing below it. Currently, Cardano is undergoing a correction, resulting in a 3% loss for the week. Sellers seem to dominate the market, potentially pushing ADA towards 50 cents unless buyers intervene promptly. Until this correction phase concludes, it is unlikely for Cardano to reach new highs. The support level at 50 cents could act as a barrier against further decline, prompting buyers to step in.
Solana experienced a sharp correction earlier than other major altcoins, with the price plummeting by 8.5% in a single week after facing rejection at the $117 resistance level. The key support levels for Solana are situated at $95 and $78. While a drop back to double-digit prices would be surprising given recent advancements, Solana’s correction may persist until the support levels halt the downtrend and attract buyers back into the market.
Binance Coin emerged as the top performer among the mentioned cryptocurrencies this week, recording a 6% price increase and establishing a new yearly high. Despite the bullish bias, prevailing market sentiments could temper expectations for further price appreciation. To sustain its rally, buyers must propel BNB above $377 and solidify this level as crucial support. A successful breach of this level could pave the way for higher price targets, potentially pushing Binance Coin above $400. However, failure to maintain support at $377 may trigger a corrective phase, leading BNB back to $330 or even $300.
The performance of top cryptocurrencies such as Ethereum, Ripple, Cardano, Solana, and Binance Coin reflects a mix of bullish and bearish trends. While some coins are facing corrections and downward pressure, others are striving to reach new highs. Investors and traders must closely monitor these developments to adapt their strategies accordingly and capitalize on potential opportunities in the dynamic cryptocurrency market.
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