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Thursday, April 18, 2024

Crypto Price Analysis Feb-16: ETH, XRP, ADA, SOL, and BNB

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This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.

Ethereum (ETH)

Ethereum has put up a great performance this week, closing with an impressive 14% price increase. With a new yearly high at $2,868, ETH is the best performer on our list and appears determined to move to the resistance at $3,000.

The current support is found at $2,600, and the price moved higher as soon as it was retested successfully. The daily RSI has reached 78 points, which places it in the overbought area. This could mean a pullback is likely in the near term.

Looking ahead, ETH has a good chance to challenge the key resistance at $3,000, but this level could also trigger sellers to secure profits.

Chart by TradingView

Ripple (XRP)

XRP rallied by 9% this week after breaking the resistance at 54 cents, which has since turned into support. This breakout puts bulls on the offensive, and they have the levels at 60 and 68 cents as targets.

The momentum indicators are bullish, and based on this latest price action, XRP seems well-positioned to make new highs.

Looking ahead, XRP’s buy volume is picking up, which favors continuation. The first challenge for this rally will be to break above the 60 cents resistance.

Chart by TradingView

Cardano (ADA)

ADA had a stellar performance this week after its price increased by 11%. In doing so, this cryptocurrency has arrived at the 60 cents key resistance, which so far has put a stop to this rally.

If buyers cannot break this level soon, then ADA could enter a pullback to gather more strength for a later attempt at a higher level.

Looking ahead, Cardano remains bullish, and even if the price takes a pause here, buyers still have the upper hand and should eventually break through.

Chart by TradingView

Solana (SOL)

Solana had a good week that didn’t end that well since, in the past two days, the price entered a correction. Nevertheless, SOL still managed to increase by 6.4%.

The rejection at the $117 resistance appeared somewhat unexpected as buyers were confident they could take the price well above $120.

Looking ahead, Solana has good support at $104, which should put an end to this downtrend.

Chart by TradingView

Binance Coin (BNB)

Binance Coin has finally arrived at the $360 resistance. This came after an impressive rally that saw BNB increase by 10% this week.

It is critical for bulls to claim $360 as a support, otherwise they could be pushed back by sellers which would reconfirm this key level as a resistance.

Looking ahead, BNB has good support at $330 in case buyers lose control of the price. If that happens, a breakout above $360 will have to wait longer.

Chart by TradingView

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.

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