Crypto Price Analysis Feb-4: Ethereum, Ripple, Solana, Binance Coin, and Luna
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 appears ready to move higher towards the next target at $3,000. This latest move higher comes after ETH retested the key support level at $2,500 yesterday.
This price action puts an end to the correction and brings certain optimism to the market. The key question is if ETH can now move beyond the $3,000 resistance. A break above this level would consolidate the most recent gains and open the door to a more significant recovery.
However, the volume on this latest push is not that impressive. As the price moves higher, the bullish momentum has to intensify, otherwise, the price could be rejected at the key resistance by the sellers. The coming week will be decisive in where ETH moves next.
Ripple (XRP)
This past week, XRP suffered from a flat trend with price moving sideways, lacking momentum to break away from its current range. The resistance at $0.65 and the support at $0.58 have kept the cryptocurrency in check, and any attempts by the bulls or bears to break away were stopped.
The most recent try to break below the key support level failed and bulls are back in control of the price but seem unable to push XRP to the important resistance. For this reason, in the past seven days, XRP only increased in price by 1%.
At the time of this post, XRP lacks momentum and volume appears flat. This makes any significant move unlikely in the near term. If BTC and ETH have a major breakout, XRP may attempt to break from this range in the coming week. Otherwise, the flat trend is likely to continue.
Solana (SOL)
SOL had a good week and also broke above the $100 level, which was a key resistance in the past seven days. Now, the price is consolidating just above this level, concluding the week with an impressive 17% increase.
The biggest challenge for SOL right now is if it can move higher towards the next key resistance at $130. The current price action and indicators support a continuation towards this key level, but a break above it appears unlikely at the time of this post.
Looking ahead, SOL is well-positioned to recover its losses from the most recent correction, and the current volume favors the bullish side of the market. So long this positive momentum is maintained, the cryptocurrency appears ready to move higher.
Binance Coin (BNB)
After BNB fell under $400, the price finally found support at the $335 level, which has stopped the cryptocurrency from moving lower – so far. Similar to XRP, the price action in the past seven days was flat, and BNB lost 3% of its dollar value.
Currently, BNB is consolidating and may attempt a rally in the coming week towards the key resistance at $418. Reclaiming this level would be essential if BNB is to move higher in the future. A failure, on the other hand, would mean the consolidation may take much longer.
The indicators favor the bulls at this time, but this bias may be soon put to the test as the price moves towards the key resistance. Either way, considering the latest price action, it is unlikely for BNB to fall much lower, and an uptrend seems more likely in the coming week.
Luna
Luna’s downtrend has ended this past week, with the price finding support at around $45. Now, the cryptocurrency is hovering below the key resistance at $54 which has prevented the price from moving higher in the past few days. Overall, Luna’s weekly performance was poor, with a 6% decline.
The indicators have not turned bullish yet and Luna appears to consolidate under the key 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 maintained in the next few days.
Looking ahead, Luna is likely to attempt a break above the $54 level and may rally if successful. However, the current volume is weak and a breakout appears unlikely at this time. Luna may need another few days of consolidation before a breakout is attempted.
OhNoRipple via https://www.ohnocrypto.com/ @Duo Nine, @Khareem Sudlow