Crypto Price Analysis Dec-1: ETH, XRP, ADA, SOL, and BNB
This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
Ethereum (ETH)
Ethereum appears determined to break the resistance at $2,140 which was tested twice since early November. Today’s price is found at the same level as last week when buyers had their last attempt at a breakout.
The support at $2,000 held well this week, which gives hope that ETH may break away from its current formation and make new local highs.
Looking ahead, the momentum remains bullish, and should buyers manage to put the current resistance behind them, then the next key target will be found at $2,500.
Ripple (XRP)
XRP is still in a downtrend, but the price found good support at 57 cents. Bearish momentum decreased in the past few days and the price only fell by 2% compared to last week.
If buyers return, then this correction may be coming to an end. However, any renewed rally will have to face the resistance at 68 cents.
Looking ahead, this cryptocurrency is well-positioned to resume its uptrend in December if the overall market remains bullish.
Cardano (ADA)
Cardano landed on its key support at 38 cents this week and, in the process, also registered a 3% loss in valuation. If bulls hold here, then ADA could end its correction.
The current resistance is found at 41 cents, and it may take some time before this cryptocurrency tests it again.
Looking ahead, ADA has a good opportunity to reverse and end its correction at this level. If it fails and the current support falls, then the price is likely to go to 35 cents next.
Solana (SOL)
Solana continues to impress with its resilience. After a brief pullback from its resistance at $67, the price is back on an uptrend and booked a 6% increase compared to last week. This makes Solana the best performer on our list.
Buyers defended the price well when it reached $50, and since then, they managed to push it to $60.
Looking ahead, Solana is well placed to move higher, challenge the current resistance, and even break it if the overall market remains bullish.
Binance Coin (BNB)
Unfortunately, BNB’s price fell by 3% this week after buyers were unable to regain control. The momentum remains bearish as the price continues to make lower lows.
The level at $230 turned into a resistance this past week, and it is unlikely to see a reversal any time soon. At best, this cryptocurrency could aim to reclaim $230 as support.
If nothing changes, then BNB could drop back to levels not seen since early October, when the price was found at $200. This is also the strongest support on the chart right now