Crypto Price Analysis Feb-23: ETH, XRP, ADA, SOL, and BNB
This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
Ethereum (ETH)
Ethereum briefly broke above $3,000 this week and booked a 4% price increase. Since tapping $3K, ETH entered into a correction, which could see the price re-test the key support at $2860.
To maintain the bullish momentum, buyers have to hold the key support and push to reclaim $3,000. Failure to do so could encourage sellers to return and take the price into a deeper correction.
Looking ahead, this cryptocurrency remains bullish on high timeframes (weekly and above). This signals that any pullbacks may be short-lived.
Ripple (XRP)
After XRP successfully broke above the 54 cents resistance, the price fell, and a 5.6% loss was booked this week. If buyers manage to hold at 54 cents, then XRP can have a clear way towards its next major target at 68 cents.
The momentum indicators are losing their bullish bias on the daily timeframe, but it is too early to say if bears are making a comeback at the time of this writing.
Looking ahead, XRP must hold above 54 cents for buyers to keep their grip on the price. Losing this level would give sellers the upper hand and could see the price fall to 50 cents or lower.
Cardano (ADA)
Cardano’s price action is similar to Ethereum. The cryptocurrency broke above 60 cents before it turned back down to lose this key level. At the time of this writing, Cardano is found in a correction and is trading at a 3% loss for the week.
Sellers appear to have control over the price and they could see ADA fall towards 50 cents if buyers don’t put a stop to this correction soon.
Looking ahead, don’t expect Cardano to make new highs until this correction is completed. If sellers continue to dominate, they could be stopped once they hit the support level at 50 cents, where buyers might return.
Solana (SOL)
Solana was among the first major altcoins to start correcting before the rest of the market followed. The price fell by 8.5% this week alone, and the downtrend started after SOL was rejected by the resistance at $117.
The key support levels are found at $95 and $78. It would be quite surprising to see Solana fall back into double digits after buyers worked so hard to move it above $100.
Looking ahead, Solana’s correction may continue until one of the key support levels puts a stop to this downtrend and brings back buyers.
Binance Coin (BNB)
Surprisingly, Binance Coin is the best performer on our list this week after the price increased by 6% and made a new yearly high. The bias is bullish, but the current market sentiment may slow down the expectations of higher price levels.
For this rally to continue, buyers need to push BNB above $377 and claim this level as key support. This would open the door for higher prices that could see this cryptocurrency break above $400.
Looking ahead, Binance Coin can make new highs if buyers stay firm. A failure to hold above $377 may send the price into a correction back towards $330 or even $300.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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