December 29 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB
This week we take a closer look at Ethereum, ripple, cardano, solana and binance Coin.
Ethereum (ETH)
In a surprising move, Ethereum attracted attention this week after posting a 4.6% price increase and outperforming Bitcoin. This change in price action has sparked optimism that this may be just the beginning.
The price has broken higher this year as well, another signal that buyers are serious and ready to push ETH to new highs not seen since the last bull market. The bulls also gained strength from the key $2,150 support level.
Looking ahead, there is a bullish trend in Ethereum with the next major targets on the chart located at $2,500 and $3,000.
Chart by TradingView
Ripple (XRP)
XRP has touched the parabola shown in yellow on the chart, which could lead to new volatility. Although still in a flat trend, this cryptocurrency managed to record a 2% price increase this week.
Resistance at 68 cents continues to keep the price down and any attempt to break this level has been rejected by the bears. The price also has good support at 54 cents.
Looking ahead, a new test of key resistance could lead to a breakout, especially if the altcoin market continues its rise thanks to Ethereum’s current price action.
Chart by TradingView
Cardano (ADA)
Cardano struggled to generate further gains this week, posting a loss of 2%. Buyers and sellers are struggling at the 60 cent level, which is a critical turning point.
If the bulls manage to convert this level into support, it will open the way higher with a key target of 83 cents. If they fail, sellers could push ADA toward 50 cents.
Look aheadWe expect volatility to return as one of the market participants gains the upper hand. Currently ADA is moving sideways around 60 cents. Wait until there is a decisive breakout.
Chart by TradingView
Solana (LEFT)
Solana appears to have hit its peak when it reached a triple-digit valuation and the price quickly corrected. Despite this, it still managed to record a significant price increase of 8% this week.
As long as the uptrend is not broken, the bull’s advantage continues. However, sales may be concentrated there as the three-digit price is an attractive target for early-entrant sellers. SOL has decent support at $78 and strong resistance at $125.
Looking ahead, if Solana manages to keep this uptrend intact and its price can stay above $100, then the trend will continue upwards. Any weaknesses in these two areas can be quickly exploited by vendors.
Chart by TradingView
Binance Coin (BNB)
Binance Coin finally woke up and managed to reach a price of over $300. In the process, it broke new local records and recorded an 18% price increase. This makes BNB the best performing company on our list this week.
This upward trend is quite surprising and brings back optimism from US regulators to BNB, which has been lagging for months after a difficult period. Current resistance is at $360 and if broken, it could push BNB to new yearly highs.
Looking ahead, with a new bull market on the horizon in 2024, this cryptocurrency may perform well considering Binance still maintains its dominant position in the market.
Chart by TradingView
The post December 29 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB appeared first on CryptoPotato.
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