In today’s overview, we take a closer look at Ethereum, Cardano, Ripple, Binance Coin, and Solana.
Ethereum might be down 9.1% this week, but it’s recovering well from the latest collapse. The cryptocurrency fell from above $1,800 last Friday and continued to decline during the weekend until it found support at the 50-day MA level.
It rebounded from the 50-day MA and started to climb throughout the week. Yesterday, it found resistance at the 20-day MA level and the July 2021 lows around $1,700. Today, it continues to battle with this resistance.
If ETH breaks $1,700, resistance is expected at $1,800, $2,000, and $2,200 (200-day MA).
On the other side, support is first located at $1,600 (50-day MA). This is followed by $1,510 (March 2021 lows), $1,400 (rising trend line), and $1,280 (Feb 2021 lows).
ADA is down by 7.8% this week as it trades around $0.475. Last week’s price drop caused ADA to fall beneath a rising trend line and break beneath the 100-day MA. It continued to decline until support was found at $0.436 over the weekend.
Since then, ADA traded inside a range between $0.436 and $0.47 throughout the week. However, today’s 3% price hike allowed it to break this range as it trades above $0.47.
Looking ahead, the first resistance lies at $0.5 (50/100-day MA levels). This is followed by resistance at $0.55, $0.6 (bearish .382 Fib), and $0.64.
On the other side, the first support lies at $0.47. This is followed by $0.45, $0.436, and $0.4.
XRP is down by a slight 4% over the week as it trades around $0.36. The cryptocurrency dropped as low as $0.33 last Friday but quickly found support at a rising trend line. From there, it started to grind higher over the week as it broke back above $0.34.
Today, XRP witnessed a 3% surge that allowed it to reach $0.36. In fact, XRP pushed as high as $0.371 today but retreated as it struggled with the 50/100-day MA levels at $0.36.
Looking ahead, if the bulls can produce a daily closing candle above $0.36, the first resistance is expected at $0.38. This is followed by $0.4, $0.42, and $0.44 (bearish .236 Fib).
On the other side, support is first located at $0.35. This is followed by $0.34, the rising trend line, $0.33, and $0.31.
BNB is flat over the week as it trades just beneath $300. BNB surged in the first week of August to reach resistance at $330 (bearish .5 Fib). From there, it rolled over and started to head lower last week.
Last Friday, the price collapse caused BNB to fall below $300, dropping as low as $278 (.382 Fib & a rising trend line). It found support there and started to rally over the weekend but found resistance at the 20-day MA at around $300 on Monday and has still not managed to produce a daily closing candle above the level.
Looking ahead, if the bulls break $300, the first resistance lies at $330 (bearish .5 Fib & 200-day MA). This is followed by $338, $350, and $360.
On the other side, the first support lies at $290. This is followed by the rising trend line, $278 (.382 Fib) and $272 (100-day MA).
SOL is down by a strong 11% on the week and it battles to stay above support at around $35. SOL managed to set a fresh 2-month-high at the start of August, allowing it to reach as high as $48. However, it quickly rolled over from this resistance and started to fall.
Last week’s crypto price plummet caused SOL to drop beneath the 50-day MA and fall beneath $36. It continued lower until support was found at $34.35, provided by a .618 Fib Retracement. SOL held this support all week but struggled to overcome $36.
Looking ahead, if the bears push beneath $34.35, the first support lies at $32.50 (August 2021 lows). This is followed by $30, $28, and $25.75.
On the other side, the first resistance lies at $36. This is followed by $37.55 (July 2021 resistance), $40 (50/100-day MAs), $44, and $48.
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Cryptocurrency charts by TradingView.