February 23 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 briefly rose above $3,000 this week, recording a 4% price increase. ETH has entered a correction since reaching $3,000 and this could see the price retest the key support at $2860.
To maintain the bullish momentum, buyers need to hold key support and try to reclaim $3,000. Failure to do so may encourage sellers to reverse and pull the price into a deeper correction.
Looking ahead, this cryptocurrency continues to rise on higher time frames (weekly and above). These signal that any pullback may be short-lived.
Chart by TradingView
Ripple (XRP)
After XRP successfully surpassed the resistance at 54 cents, the price fell and recorded a loss of 5.6% this week. If buyers manage to stay at 54 cents, XRP could have a clear path towards the next major target of 68 cents.
Momentum indicators are losing bullish sentiment on the daily time frame, but at the time of writing, it is too early to tell whether the bears are making a comeback.
Looking ahead, XRP needs to stay above 54 cents for buyers to keep the price in check. Losing this level will give sellers the upper hand and cause the price to drop to 50 cents or lower.
Chart by TradingView
cardano (ADA)
Cardano’s price action is similar to Ethereum. The cryptocurrency rose above 60 cents before falling back losing this important level. At the time of writing, Cardano is in a correction and is trading down 3% for the week.
Sellers appear to have control over the price, and if buyers don’t end this correction quickly, they could see ADA fall as low as 50 cents.
Look aheadDon’t expect Cardano to make new highs until this correction is complete. If sellers continue to dominate, they could be stopped once they reach the 50 cent support level from which buyers could bounce back.
Chart by TradingView
Solana (LEFT)
Solana was one of the first major altcoins to begin correcting before the rest of the market followed. The price is down 8.5% this week alone, and the downtrend started after SOL was rejected by the resistance at $117.
Key support levels lie at $95 and $78. It would be quite surprising if Solana falls into double digits after buyers worked so hard to push it above $100.
Looking ahead, Solana’s correction may continue until one of the key support levels stops this downtrend and brings buyers back.
Chart by TradingView
Binance Coin (BNB)
Surprisingly, binance Coin was the top performer on our list this week after the price jumped 6% to reach a yearly high. The bias is bullish, but current market sentiment may slow expectations for higher price levels.
For this rise to continue, buyers must push BNB above $377 and claim this level as key support. This will open the door to higher prices that will push the cryptocurrency above $400.
Looking ahead, Binance Coin could reach new highs if buyers hold firm. Failure to hold above $377 could send the price into a correction towards $330 or even $300.
Chart by TradingView
The post February 23 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB appeared first on CryptoPotato.
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