Crypto Price Analysis Feb-16: ETH, XRP, ADA, SOL and BNB
This week we take a closer look at Ethereum, ripple, Cardano, solana and Binance Coin.
Ethereum (ETH)
Ethereum had a great performance this week, closing with an impressive 14% price increase. With a yearly high of $2,868, ETH is the best performer on our list and looks set to move towards the $3,000 resistance.
The current support lies at $2,600 and as soon as it was successfully retested, the price moved higher. The daily RSI has reached 78 points, which places it in the overbought zone. This could mean that a pullback is likely in the near term.
Looking ahead, ETH has a good chance to challenge the key resistance at $3,000, but this level may also encourage sellers to take profits.
Chart by TradingView
Ripple (XRP)
XRP is up 9% this week after breaking resistance at 54 cents, which has since turned into support. This breakout puts the bulls on the offensive and they target the 60 and 68 cent levels.
Momentum indicators are pointing bullish and based on this recent price action, XRP looks well positioned to make new highs.
Looking ahead, XRP’s purchasing volume is increasing, supporting its continuation. The first challenge of this rally will be to break above the 60 cent resistance.
Chart by TradingView
cardano (ADA)
ADA has had a Stellar performance this week after its price increased by 11%. In doing so, this cryptocurrency reached the key resistance at 60 cents, which has stalled this rise so far.
If buyers fail to break this level soon, ADA may enter a pullback to gather more strength for a later attempt at a higher level.
Look aheadCardano continues to rise, and even if the price breaks out here, buyers still have the upper hand and will eventually make the move higher.
Chart by TradingView
Solana (LEFT)
Solana had a good week but it didn’t end well as the price entered a correction in the last two days. Despite this, SOL still managed to increase by 6.4%.
The rejection of the $117 resistance seemed somewhat unexpected as buyers were confident that they could push the price well above $120.
Looking ahead, Solana has a good support at $104, which could put an end to the downtrend.
Chart by TradingView
Binance Coin (BNB)
binance Coin finally reached the $360 resistance. This follows an impressive rally that saw BNB rise by 10% this week.
It is critical for the bulls to claim $360 as support, otherwise they may be pushed back by sellers who will reaffirm this key level as resistance.
Looking ahead, BNB has good support at $330 in case buyers lose control of the price. In such a case, a break above $360 will have to wait longer.
Chart by TradingView
The post February 16 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB appeared first on CryptoPotato.
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