Crypto Price Analysis Nov-24: ETH, XRP, ADA, SOL, and BNB
This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.
Ethereum (ETH)
Ethereum is ending the week on a positive note with a price increase of 4.7% which puts it on a collision course with the key resistance at $2,100.
This would be the second time this resistance level is tested this month and a breakout would open the way for ETH to rally and make new highs.
Looking ahead, the momentum is bullish with sellers unable to contain the uptrend. This makes a breakout more likely in the coming week. If successful, the next major levels will be found at $2,500 and $3,000.
Ripple (XRP)
XRP found good support at 57 cents and since then, the price has been moving higher to close the week in green with a modest 0.3% increase.
The current resistance at 68 cents is still holding strong and buyers need to step up their game if XRP is to test this level again any time soon.
Looking ahead, the momentum is still not quite there yet for bulls, but if the overall market remains in green sentiment could improve to also push XRP higher.
Cardano (ADA)
Cardano had a good week after the price increased by 4.7%. The current support is found at 38 cents and the resistance is at 41 cents.
The momentum remains firmly on the bullish side and if this continues in the coming week, then a test of the key resistance appears likely.
Looking ahead, ADA may continue to make higher highs and the biggest test will be found at 41 cents where sellers could return if buyers are not decisive to break that level.
Solana (SOL)
Solana’s rally stopped this week and the uptrend was lost, but sellers were unable to push the price under $50. This means buyers are still in control and could see Solana reach the resistance at $67 again.
Nevertheless, this pause in the rally made SOL fall by 1.3% this week and the price could continue to move sideways until the balance of power between bulls and bears changes.
Looking ahead, Solana continues to look very strong after such a massive rally and corrections appear shallow. In this context, buyers could still push Solana to make new highs.
Binance Coin (BNB)
After a turbulent week full of volatility, BNB’s price found good support at $230. This also made it close the past seven days in red and fall by 3.5%.
Market participants sold a lot of BNB when news of the DoJ announcement broke out that lead to CZ stepping down at CEO. While selling pressure was intense, BNB did not make new lows.
Looking ahead, as long as this cryptocurrency holds above $230, then a recovery appears likely. The resistance is still standing strong at $265.