ETH, XRP, ADA, SOL and bonk
This week we will take a closer look at Ethereum, ripple, cardano, solana and BONK.
Ethereum (ETH)
ETH’s volatility has risen sharply this week, but at the time of writing it closed in the red with a 5% loss. Volatility has pushed ETH to retreat to the breakout point as its price has left the ascending triangle highlighted in blue below.
As long as buyers manage to keep the price above $2,150, ETH will continue its rise and a retest of the breakout point could later act as a pivot for higher levels.
Looking ahead, ETH will face strong resistance at $2,500 if it continues its uptrend. If it fails to hold above this triangle, it could quickly drop to $2,000 or below.
Chart by TradingView
Ripple (XRP)
XRP’s price action is a bit confusing because it appears completely disconnected from most of the market, posting almost no gains in November or December. The price closed this week with a 2% loss.
The pause may be due to resistance at 68 cents, which has not allowed it to move higher so far. However, XRP appears to have formed a bullish parabola (yellow on the chart) and if its price remains above it, this could lead to a breakout later.
Looking ahead, XRP will rise if it breaks the current resistance. Until this happens, the price may continue to move sideways.
Chart by TradingView
Cardano (ADA)
ADA had an excellent performance this week, closing with a 31% price increase. This impressive result allowed buyers to push Cardano above the 60 cent resistance, which could act as the next support.
The price is currently at 63 cents and could enter a more significant pullback to find the next support level. In case 60 cents fails, the next key level is found at 51 cents.
Look aheadADA continues its rise. However, given that the bulls have been maintaining this rally since mid-October, the pullback and correction appear to be overdue.
Chart by TradingView
Solana (LEFT)
Solana performed well this week and closed the week with a 7% price increase. The biggest challenge now is to break the $78 resistance, which seems to have caused some breaks in this rally.
Support is at $67 and could be retested if buyers break.
Looking ahead, the trend for Solana remains bullish and a breakout from this resistance could see Solana quickly post gains towards a triple-digit valuation.
Chart by TradingView
BONK
BONK seems unstoppable. The uptrend continues intact and buyers’ appetite is at an all-time high, as is its price. BONK is up another 178% this week alone.
It is difficult to say how long this uptrend will last, but so far there are no signs of weakness on this chart that support its continuation. However, the price seems to be touching the upper band of this bullish channel, which could mean some relief is in store.
Looking ahead, BONK may continue to surprise the market with its performance as it reaches new record highs.
Chart by TradingView
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Cryptocurrency charts from TradingView.
#ETH #XRP #ADA #SOL #BONK
