This week we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana
With a stunning start to 2023, Ethereum has continued its climb, posting a 12.7% increase in the past seven days. This brings the price closer to $1,500, which will also act as a major resistance.
The bulls are in complete control of the price action, but they can get exhausted at this rate. It is very difficult to tell when this rally will take a breather, but a pullback is more likely as the price goes up. The current support is at $1,300.
Looking ahead, ETH is still bullish and if buying volume continues to increase, we could see an even bigger rally next week.
XRP is not far behind Ethereum, with a price increase of 10% in the past week. This uptrend looks stable, and there is still room until the key resistance at $0.40. This gives the bulls an opportunity to maneuver in the coming days.
The current support is at $0.36, and as the price climbs to higher highs, optimism is building in the market. The RSI on the daily time frame is yet to be bought, which supports further price gains.
After managing to avoid a lower decline in early January compared to June 2022, this cryptocurrency may end up in a double bottom. To confirm this scenario, the price must move above 42 cents. The current outlook is positive, but XRP may suffer as it approaches a major resistance level.
Cardano’s rally shows no sign of weakening since its inception in early 2023. On the contrary, its bullish momentum has intensified, and it managed to post a gain of 21.8% in the past week. This is an impressive recovery.
After breaking above the 30-cent level (which has now turned into support), ADA price exploded and quickly reached the 34-cent resistance before starting a pullback. Since then, the price has returned to the upside, with key resistance now under pressure again.
Looking ahead, ADA seems determined to push higher. Buyers continue to dominate the chart, with only two daily candles in the red in the last two weeks.
Binance coin (BNB)
Binance Coin managed to book a price increase of 11.6% in the past seven days. By doing so, BNB is quickly approaching the key $300 resistance. This is an impressive recovery considering that not long ago the price was closer to $200.
With good support at $260, BNB is well positioned to challenge the current resistance, and a break above it would open the way for a higher valuation that could see this cryptocurrency close to $360.
Due to its performance, Binance Coin continues to consolidate its position as the third largest cryptocurrency by market cap after Bitcoin and Ethereum (excluding stablecoins). This is unlikely to change in the future as XRP (fourth) has less than half of the market cap of BNB.
Solana is another example of impressive recovery, similar to ADA. It booked a 23.7% price increase over the past seven days, making it the best performing coin on our list for the second week in a row.
With good support at $15, SOL is showing no signs of slowing down. Its sights are firmly set on the immediate resistance just below $20.
While the price action is still bullish, it is important to note that the RSI on the daily time frame has reached overbought levels. Meanwhile, the daily MACD chart started making lower highs. These are early signs that Solana’s rise may soon be approaching collapse.
Cryptocurrency Price Analysis After Jan 13: ETH, XRP, ADA, BNB, SOL debut on CryptoPotato.