Crypto Price Analysis Feb-2: 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 to have found good support at $2,200 and has since returned on an uptrend, closing the week with a 3.6% price increase.
The price action looks promising, and buyers are returning to the market. This optimism is also reflected in the daily MACD, which is making higher lows on the histogram.
Looking ahead, ETH is working its way back up and could soon approach $2,500, which is a key level to watch if this uptrend continues.
Ripple (XRP)
XRP had a difficult week, and the sell-off did not stop. For this reason, the price fell by 2.5% and does not give any signs this bearish momentum may change.
Moreover, the personal wallets of Ripples chairman, who admitted holding over $100 million in XRP, were breached. This news compounded the bearish sentiment and added to the selling pressure.
Looking ahead, the current support of XRP is found at 43 cents. Hopefully, XRP can bottom there and start a recovery.
Cardano (ADA)
Cardano had a good week and increased by 8.6%, which makes it one of the top performers on our list. The price action looks promising, and buyers are interested again.
If this rally is sustained, then the most important target for this rally is the 60 cents resistance, which back in January stopped the bulls from pushing ADA higher.
Looking ahead, Cardano is bullish, and the momentum indicators confirm this bias. For example, the daily RSI is now above 50 points and entered the bullish area.
Solana (SOL)
After a first rejection at the $104 resistance, buyers are keen to try again, and Solana is back at it. This is why SOL closes the week with a 13% price increase, making it our best performer.
All eyes are now on the key resistance which will decide where this cryptocurrency goes next. The momentum indicators give a clear bullish bias.
Looking ahead, if buyers have a successful breakout, they may finally reign free to take Solana much higher and aim for the next key target of around $126.
Binance Coin (BNB)
BNB struggled to find its footing, which is the reason why it closed the week without any significant change in its price compared to last week.
Buyers did manage to keep it above $300 at the time of this post, which is a positive sign. If the overall market sentiment improves in the coming days, then BNB could also follow it.
Looking ahead, this cryptocurrency is found in a flat trend since the start of the year, and a major breakout is needed to take the price to the $360 resistance.
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