January 4 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)
The market remains uncertain due to BTC ETF speculation. This was also reflected in ETH’s price action, which failed to break higher and recorded a loss of 4.5% this week.
The key support at $2,150 remains protected and buyers have the upper hand as long as Ethereum remains above this ascending triangle. The main resistance is at $2,500.
Looking ahead, we expect volatility to increase this month as soon as the results of the Bitcoin ETF are made public. This could break the current range ETH is in.
Chart by TradingView
Ripple (XRP)
XRP had a bad week and closed with a loss of 8.7%. The price failed to break the key resistance at 68 cents and fell to the support at 54 cents.
Sellers appear to be prevailing at the moment and the trend on this price action is bearish due to lower highs and lower lows. However, as long as fundamental support holds, XRP has a good chance of rebounding.
Looking ahead, the price appears to be stuck between important levels. Watch the support at 54 cents closely as this will be critical to where XRP goes next.
Chart by TradingView
Cardano (ADA)
Cardano’s price action mirrored that of XRP, losing 9.6% of its valuation this week. Since key support at 46 cents is quite far away, sellers may continue to put downward pressure until this level is reached.
Short-term price action turned bearish as buyers failed to keep ADA above 60 cents.
Look aheadThis correction may continue for some time and stop only when the price reaches the key support.
Chart by TradingView
Solana (LEFT)
Solana is making lower highs and lower lows. This is important because it signals a reversal of price action. That’s why it lost 4% of its valuation this week.
So far, the uptrend remains intact, but it may soon be put to the test by the bears who are patiently waiting for the bullish momentum to subside.
Looking ahead, if the uptrend is lost, sellers could act and push SOL towards $78, a key support level.
Chart by TradingView
Binance Coin (BNB)
Binance Coin surprised the market and became the only cryptocurrency on our list to close the week in the green, with an increase of only 0.3%.
This indicates a strong performance, with BNB rising above $300 by the end of 2023 and maintaining this momentum despite market fluctuations since then.
Looking ahead, there is a strong resistance at $360 and this could stall the rise. Considering that this rally has not experienced a proper pullback to date, it is unlikely that BNB will break this level on its first try.
Chart by TradingView
The post January 4 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB appeared first on CryptoPotato.
#January #Crypto #Price #Analysis #ETH #XRP #ADA #SOL #BNB
