January 19 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)
Ethereum failed to break above $2,500 and is down 5% this week. Momentum is currently trending downward, but it is too early to tell whether this price action will continue.
ETH is still well above the uptrend line formed in October 2023. For the price to break, it must fall below $2,315, which is currently acting as support.
Looking ahead, ETH appears to be experiencing a pullback after reaching a new high. Watch major support to see if there are any signs of weakness as price action develops.
Chart by TradingView
Ripple (XRP)
XRP had a rough week and fell 8%. During this period, the price reached the key support at 54 cents. Now it is up to the bulls to show if they can stop this downtrend.
As momentum continues its bearish trend, the 4-hour time frame shows XRP is oversold on the RSI and MACD indicators. This supports that there may be a bottom soon.
Looking ahead, XRP will need to stay at this level if it wants to hope for recovery. If the price cannot hold here, buyers will likely retreat below the 43 cent support.
Chart by TradingView
cardano (ADA)
Cardano also experienced this week and closed with a 14% loss. Price action remains bearish and buyers are having a hard time stopping this downtrend.
With resistance at 60 cents remaining strong, sellers have gained momentum and could push the price towards the 46 cent support if nothing changes.
Look aheadADA’s price action will likely continue the downtrend and hope will only return if the bulls stop the downtrend.
Chart by TradingView
Solana (LEFT)
Solana attempted to climb above $100 and break the $104 resistance, but failed. That’s why it’s down 5% this week. If buyers continue to show weakness, SOL will likely test the major support at $78.
Momentum indicators show no signs of improvement and sellers still have the advantage.
Looking ahead, it seems more likely that this cryptocurrency will break lower and fall to key support if the selling pressure does not stop soon.
Chart by TradingView
Binance Coin (BNB)
binance Coin appears to be the strongest cryptocurrency on our list after closing the week with a 1% price increase. This is impressive and goes against the general market.
Current resistance lies at $360, but BNB does not have the strength to reach that level at the moment.
Looking ahead, Binance Coin has good support at $300. If it manages to stay above this level, the bullish trend will continue for this cryptocurrency.
Chart by TradingView
The post January 19 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB appeared first on CryptoPotato.
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