January 12 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB
This week we will take a closer look at Ethereum, ripple, Cardano, solana and Binance Coin.
Ethereum (ETH)
This week, Ethereum broke above the $2,500 resistance and is up 14.7% in the process. This is a spectacular performance, considering it comes in the context of approval of the Bitcoin ETF listing.
This means Ethereum appears undervalued in the eyes of investors and is perhaps the next major cryptocurrency to list later this year.
Looking ahead, ETH is on an uptrend and may not stop until it reaches the current target of $3,000. Support currently lies at $2,500.
Chart by TradingView
Ripple (XRP)
XRP has struggled this week, registering only a 3% price increase, while many Ethereum-based tokens are up double digits.
Buyers don’t seem to be paying much attention at the moment, as most of the action is driven by the two market leaders, BTC and ETH.
Looking ahead, XRP remains in a channel with key support at 54 cents and key resistance at 68 cents. Until one of these two levels is broken, major moves appear less likely.
Chart by TradingView
cardano (ADA)
Cardano’s correction ended this week and buyers managed to retest the key resistance at 60 cents. But they failed to break it. Still, ADA recorded a 4% price increase.
Support at 46 cents has remained strong and if buyers persist, this support may not be tested again as they will get another test at key resistance.
Look aheadADA remains competitive and appears eager to move higher. Watch for key resistance as this will determine where the price goes next.
Chart by TradingView
Solana (LEFT)
Solana failed to break the $104 resistance and lost 3% of its valuation this week. This is a sign of weakness, while other altcoins have performed much better.
It looks like SOL had its moment towards the end of 2023 and is now struggling to keep up the same momentum. Support lies at $78.
Looking ahead, Solana will struggle to reach new highs unless buyers can climb above $104.
Chart by TradingView
Binance Coin (BNB)
binance Coin continues to maintain its recent gains well, but closed the week down 3%. Despite this pullback, its price is still above $300 at the time of this writing.
The nearest support lies at $260, and BNB could test it if sellers take over the price action.
Looking ahead, Binance Coin is in an uptrend and the most important target lies at $360. If buyers persist, they could reach this level after this downturn ends.
Chart by TradingView
The post January 12 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB appeared first on CryptoPotato.
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