March 8 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)
Ethereum impressed with another excellent performance this week, up 15%. The price is currently only 23% off its all-time high. After BTC breaks ATH, it looks like ETH could be the next major cryptocurrency to achieve this.
The current resistance is $4,000, but what really matters is $4,860, the ATH. If Ethereum manages to rise above this, it will enter price discovery and thus a new race to the top will begin.
Looking ahead, we see that ETH has not experienced a proper correction or pullback in weeks. This could happen when the price approaches $4,800. We expect volatility to increase as the price rises. Good support currently lies at $3,300.
Chart by TradingView
Ripple (XRP)
While other altcoins are reaching new highs, XRP seems to be struggling to find similar momentum. But still, the price is up 6% this week.
There is good support at 53 cents which has been tested successfully but the real challenge for this cryptocurrency is to break above 68 cents which acts as resistance. Unless this level is broken, XRP is unlikely to break higher anytime soon.
Looking ahead, XRP appears to be consolidating below major resistance. Expect volatility to increase as momentum cools among other altcoins, such as meme coins, because they are currently gaining attention.
Chart by TradingView
cardano (ADA)
Cardano is somewhat similar to XRP and managed to record a notable price increase of 9% this week. It did not break key resistance at 82 cents, but this seems likely in the future if the market remains bullish.
Support was found at 60 cents and was recently retested successfully. Buyers appear to be distracted from meme coins but may begin to return to ADA as they look for new opportunities to turn profits.
Looking ahead, ADA continues its rise. It needs to move above 82 cents to make new highs. Until then the price will remain in the current range.
Chart by TradingView
Solana (LEFT)
Solana had another good week with a 10% price increase. It has also set a new record this year, which gives a clear signal that buyers are determined to push the price higher.
Resistance lies at $164 and is seen as the target of this rally. Support is at $126 and buyers defended it well during Tuesday’s decline.
Looking ahead, Solana is making good progress towards the all-time high at $260 and the momentum remains bullish.
Chart by TradingView
Binance Coin (BNB)
binance Coin has rallied decisively above $400 this week and is well positioned to reach the current resistance at $500. With a 16% price increase, BNB became the best performer on our list.
Once resistance at $437 turned into support, any pullback could retest this level to confirm this recent breakout.
Looking ahead, BNB’s all-time high will be $692. This is less than a 50 percent price increase from current levels. Considering that the bull market is far from over, this cryptocurrency has a pretty good chance of breaking its previous record.
Chart by TradingView
The post March 8 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB appeared first on CryptoPotato.
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