Ethereum, Cardano, Ripple, Binance Coin and Solana

This week the market experienced a downturn that resulted in most cryptocurrencies taking significant losses. We take a look at Ethereum, Cardano, Ripple, Binance Coin and Solana.

ether

Ethereum broke below the ascending wedge this week, correcting as low as $ 3,958.

Compared to the previous week, ETH recorded a correction of -11.3% and fell below USD 4,000 for the first time in November. The first sign that such a correction could take place was the daily MACD, which formed a bearish cross just before the downtrend began.

The current price action signals that the correction could soon end as the bearish momentum subsides. Additionally, the RSI formed a bullish divergence over the 4 hour timeframe as the ETH price fell below $ 4,000. This signals to the bulls that this is their opportunity to come back and attempt a reversal. To bounce back from the recent decline, ETH will need to break key resistance levels at $ 4,354.

Looking ahead, ETH has good support, just under $ 4,000, and this level is a very attractive entry point for bulls and buyers. Hence, it should see a good defense against further drops. Despite this decline, ETH remains bullish for longer time frames, which can be interpreted as a normal decline in a bullish market.

img1_ethChart according to TradingView

Cardano

ADA’s attempt to break above $ 2.4 was sharply rejected last week, and since then the price has continued to hit lower lows during yesterday’s correction, reaching $ 1.7. Because of this, ADA’s performance was poor, declining -10.3% over the past seven days.

The breakout from the descending triangle can be interpreted as a fakeout that may have caught many bulls hoping for a rally instead. Current resistance for ADA is at $ 1.9, which was the former base of the descending triangle, while support is found at $ 1.7 and $ 1.5.

Looking ahead, ADA may have an opportunity to stop the bearish trend as the RSI made a bullish divergence on the 4 hour timeframe, similar to Ethereum. However, one has to be very careful as the daily MACD remains bearish. To confirm the bullish divergence, ADA needs to return above USD 1.9.

img3_adaChart according to TradingView

Ripple

Last week, XRP broke below the $ 1.2 support level and continued to drop to $ 1. As such, XRP had a disappointing performance, down 12.5%.

The question now is whether XRP can keep its price above $ 1. As long as the bulls maintain this important level of support, the macrostructure for XRP will remain bullish and this latest price drop can be interpreted as a higher low.

Looking ahead, volume and MACD remain on the bearish side while the RSI gives some hope for a reversal similar to ADA and ETH. If XRP bulls can stop prices before further losses, then XRP has a good chance of rallying for the week to come.

img2_xrpChart according to TradingView

Binance coin

Last week the BNB had a strong rally that was stopped before it hit the all-time high of $ 692. This week the bears took control of the price, pushing it down to support at $ 516. Because of this, the price of the BNB has fallen by 10% in the last seven days.

The current resistance for BNB is at $ 600. The cryptocurrency has been on the uptrend again since touching the support level yesterday, but the resistance at $ 600 will be the real test for bulls. If the BNB manages to break this important resistance, the rally can continue for a new attempt to hit the all-time high.

Looking ahead, BNB indicators are giving mixed signals, with a bearish MACD on the day and an RSI trying to move back up. The battle for the $ 600 resistance will likely decide the winner in the coming week.

img4_bnbChart according to TradingView

Solana

SOL was not having a good week and was down more than 11%. It also broke below the $ 216 support, which was the previous September all-time high. SOL found support at the $ 190 level and is currently trying to reverse the downtrend.

Unfortunately, the daily MACD continues to accelerate downward and has been bearish for over a week with no signs of reversal on the horizon. The support at $ 190 appears strong. However, it is early to tell if the downtrend will end here and it is best to be careful.

Looking ahead, Solana has already shown an outstanding performance this year and it’s hard to ask more of her right now. Hence, this correction may take a while, especially as SOL made a large bearish divergence between the September high and November high on the daily timeframe.

img5_solChart according to TradingView

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