Crypto Price Analysis September-30: Ethereum, Ripple, Cardano, Binance Coin, and Solana
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
During the past seven days, Ethereum attempted to break the $1,400 resistance level, but sellers pushed it back as soon as it arrived there. As such, ETH moved sideways below the key resistance, ending this period at a similar price level.
The current price action lacks momentum, and ETH is stuck between the $1,400 resistance and the $1,250 support level. While intra-day volatility remains high, the asset closed several daily candles with a slim body where the opening and closing prices were very close to each other.
This price action indicates a compression period which may end up with renewed volatility in the coming days. Since the daily MACD did a bullish cross today, there are some signals that ETH may soon attempt another break of the key resistance at $1,400.
Ripple (XRP)
After failing to break the $0.55 resistance, XRP suffered a pullback that took the price to the key support at $0.44. The bulls remained at the scene and defended well this support level, keeping the price at almost an identical level as seven days ago.
What may concern buyers is that the volume and momentum on the bull side are losing strength after the rejection at the key resistance. While the daily RSI remains on the bullish side, the MACD histogram shows weakness due to making lower highs.
In the next few days, the bulls might attempt another run at the key resistance, similar to ETH. If they are successful, then the momentum may return in their favor to take XRP above $0.55 and towards $0.70.
Cardano (ADA)
While ETH and XRP are battling the key resistance levels trying to move higher, Cardano is on the opposite end. Its price has fallen back to the key support at $0.43, and bulls remain on the defensive after ADA lost 5% in the past seven days.
To date, buyers came strong at the key support and saved ADA from falling lower. However, every time the price tests a level, the likelihood of it breaking increases. It seems buyers will have to defend this support again in the coming days. Any weakness could lead to a breakdown, with the next key support being found at $0.38.
ADA is likely to remain in a bearish trend in the coming week since buyers have not managed to take control of the price action. The best they could do is protect the asset from falling lower. The resistance remains at $0.50.
Binance Coin (BNB)
Binance Coin had a good week after buyers managed to defend the price at the $261 key support level. Since then, BNB moved higher and managed to book a 3.8% price increase in the past seven days.
BNB is within a large descending triangle, and the price would have to move above the $300 resistance to break free of this formation. Should that happen, BNB could enter into a sustained rally. However, market conditions remain difficult, and sellers come in strong whenever a price reaches a key resistance.
The indicators give a positive signal, with both the daily MACD and RSI turning bullish in the last few days. The first true test for this bullish momentum will come when the price reaches the $300 resistance. Bears may come in force to stop any rally at that level.
Solana (SOL)
Solana also had a good week, managing to move away from the key support at $30, which was successfully tested last week. Since then, SOL has managed to book a 5.8% price increase, making it the best performer on our list now.
Should this momentum continue, SOL will face resistance at $38, which is the next key level to watch for. The last time this line was tested was on September 12th, the price was quickly rejected. If Solana is to be successful in breaking higher, then its buy volume will need to increase.
Looking ahead, Solana appears to consolidate nicely above the $30 support level. If successful, SOL could form a nice round bottom at this key level and attempt to break higher towards $38 and $48, which are the key targets at this time.
The post Crypto Price Analysis September-30: Ethereum, Ripple, Cardano, Binance Coin, and Solana appeared first on CryptoPotato.
OhNoRipple via https://www.ohnocrypto.com/ @Duo Nine, @Khareem Sudlow