December 21 Crypto Price Analysis: ETH, XRP, ADA, SOL and INJ
This week we will take a closer look at Ethereum, ripple, cardano, solana and injective.
Ethereum (ETH)
ETH is again behind Bitcoin and the rest of the market is not really bullish. The price is back to the $2,150 support and has lost 2% of its valuation this week.
Even though Ethereum was one of the last altcoins to rise, this price action is worrying because it shows a complete lack of bullish momentum. There is also a strong resistance near $2,400 to $2,500 in case of any upside.
Looking ahead, if the bears bounce back, ETH will have good support at $2,000 in case it breaks below $2,150.
Chart by TradingView
Ripple (XRP)
XRP is currently trending sideways without any significant movement and its price is down 1.5% this week. Resistance at 68 cents and support at 54 cents are unchanged.
But the bigger news is that XRP lost the 5th spot in terms of total market cap to Solana, which is up double digits this week.
Looking ahead, XRP needs to continue its uptrend or lose out to rivals that have been gaining much more attention lately.
Chart by TradingView
Cardano (ADA)
ADA failed to rise this week and closed the week with a 10% loss. This comes after the price lost support at 60 cents, which is currently acting as resistance.
With the rally on hold, Cardano is at a critical moment. If it fails to break above 60 cents, sellers may take over to push for a deeper correction.
Look aheadThis cryptocurrency has strong support at 46 cents should the reversal come into effect. As long as fundamental resistance remains, sellers have the upper hand.
Chart by TradingView
Solana (LEFT)
In an impressive move, Solana broke above $78 and recorded a 20% price increase this week. In doing so, it also replaced XRP to become the 5th largest cryptocurrency.
If this rally continues, Solana is expected to reach a triple-digit valuation with a price increase of less than 25%. Given the current market momentum, this could happen sooner rather than later.
Looking ahead, the trend towards the SOL remains bullish and sellers appear to be either gone or too weak to take back control of the price.
Chart by TradingView
Injective (INJ)
Injective outperformed most of the market, closing the week with a 28% price increase. This impressive performance follows INJ’s steady recovery since mid-December.
In the process, the price reached $43, a new record and all-time high. However, this latest rise has moved the price to the boundaries of this upward channel, which can now act as resistance.
Looking ahead, INJ may decide to make a brief pullback here before resuming the uptrend. In such a situation, there is good support at $31.
Chart by TradingView
The post December 21 Crypto Price Analysis: ETH, XRP, ADA, SOL and INJ appeared first on CryptoPotato.
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