Ethereum, Binance Coin, Cardano, Solana, and Luna

This week, we take a closer look at Ethereum, Binance Coin, Cardano, Solana, and Luna.

Ethereum (ETH)

Over the past seven days, we have witnessed a crash in the cryptocurrency market and ETH is no exception, dropping over 14.6% in the period. After a brief attempt earlier this week to push towards $4,000, the price quickly turned around on Wednesday, breaking below the $3,600 support level, which is now resistance. Today’s downtrend did not fade and continued with ETH dropping below $3,300.

At the time of this post, ETH looks very weak, and it seems likely that it will test the $3,000 support before any major bounce can be expected. The market, as well as ETH, is now in oversold territory. Therefore, a rally is likely in the near future once the bears decide to abandon the current offensive.

ETH may recover in the next week if selling pressure fades. However, for the downtrend to end, it needs a break above the $3,600 level, which seems highly unlikely given the current market conditions.

Chart by TradingView

Binance Coin (BNB)

BNB did not spare this week and fell below $500, and the price is now on its way towards the $420 support level. Overall, the cryptocurrency closed the past seven days with a 13.8% loss in price, similar to ETH.

The support level has a good chance of stopping the current downtrend. If a comfortable rally starts after that, BNB has resistance at $520. It is very difficult to anticipate a bounce at the moment.

The daily RSI is already in the oversold territory, which indicates that the selling pressure may have reached its peak. With the weekend approaching, with trading volumes usually low, BNB may pause before taking its next move.

Chart by TradingView

Cardano (ADA)

ADA has shown resilience during the bear attack over the past three days, successfully defending the $1.2 support level every day. For this reason, it has outperformed ETH or BNB, with a 10.4% loss in price in the past seven days. Important support continues to hold, despite the bear market.

Buyers seem to be very interested in ADA at this price level, the chart shows. However, every time a support level is tested, the risk of breaking it increases. It would be very impressive if ADA could keep it here. If the relief rally starts, ADA has resistance at $1.5.

Looking ahead, ADA remains in the $1.2-$1.5 range.

Chart by TradingView

Solana (SOL)

After rejecting SOL at the $200 resistance level, the price entered a sharp correction, declining nearly 20% in the past seven days. The current support for SOL is found at $128 and $116, which should provide a breakout to the downside.

Moreover, the daily RSI has reached the oversold territory indicating that the bulk of this correction may be behind us. With that, the daily MACD is still bearish, and the volume increased as the correction progressed which is another strong bearish signal.

The current resistance can be found at $148 and is unlikely to be tested until SOL halts the current downtrend.

Chart by TradingView

Luna

When the price of Luna hit $100, market participants were jubilant. However, price action since then has been nothing but a disappointment, with the cryptocurrency dropping to $70 at the time of this post after losing 17% of its value in the past seven days.

The major support at $70 appears to hold at the moment, but Luna has broken through the key level at $78, which is now acting as resistance. He had to maintain the price above $78 to keep the upside momentum intact. This is now lost.

Because of this, the short-term to medium-term bias is now bearish, and if the downtrend continues, the price may visit $50. MACD and RSI are rapidly dropping to lower levels on the daily time frame with no sign of a reversal at the time of this post.

Chart by TradingView
Special Offer (Sponsored)

Binance Free $100 (Exclusive): Use this link to sign up and get $100 for free and 10% off on Binance Futures the first month (Interests).

PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to get a 25% discount on trading fees.

Disclaimer: The information in CryptoPotato is that of the quoted authors. It does not represent the opinions of CryptoPotato regarding buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use of the information provided is at your own risk. See disclaimer for more information.

Cryptocurrency charts by TradingView.