Weekend Analysis: Predicting the Future of ETH, SOL, ICP, LINK, and ADA
This weekend, traders are hopeful that the recent market turbulence will settle down. Coin Edition takes a closer look at five top cryptocurrencies and analyzes the potential direction their prices could take in the coming days.
ETH (Ethereum) experienced a significant correction during the week, with its price falling from $3,654 to $3,237. However, bulls managed to create support, leading to a climb to $3,345. The Relative Strength Index (RSI) suggests that ETH is still not out of danger, but if buying momentum increases, the price could move towards the overhead resistance at $3,512.
SOL (Solana) struggled to retest the psychological resistance of $200 after initially reaching it at the beginning of the month. At the time of writing, SOL was trading at $177.76. The Awesome Oscillator and Fibonacci indicator both hint at a potential bounce, with the 0.786 Fib level at $198.18. Therefore, SOL’s price might get closer to $200 before the weekend concludes.
ICP (Internet Computer) experienced a decline to $16.60 due to profit-taking. Despite numerous attempts, it has not broken above the $20.50 ceiling. Signals from the Exponential Moving Average (EMA) suggest further downside, with a potential weekend price prediction of $16.39.
LINK (Chainlink) has formed a descending channel, indicating that sellers have been in control. However, the price action suggests that bears might be getting exhausted. If this is the case, LINK could break out and form a bullish flag that raises the price. Fib levels indicate a potential rally to $19.45. A stall in momentum could lead to a price of $18.17, but if buyers regain control, the bullish thesis could be validated.
ADA (Cardano) has identified a solid support at $0.56 and is heading northward. However, it might encounter resistance at $0.59. Breaking through this point could target a move past $0.62, with indications from the RSI and Moving Average Convergence Divergence (MACD) showing buyer activity. A successful attempt could take ADA as high as $0.65, but a rejection at $0.59 might lead to a decline to $0.55.
It’s important to note that the information provided is for educational purposes only and should not be considered financial advice. Traders are advised to exercise caution and make informed decisions based on their own analysis.