Crypto Price Analysis Feb-24: ETH, XRP, ADA, DOT, LINK
This week, we take a closer look at Ethereum, Ripple, Cardano, Polkadot, and Chainlink.
Ethereum (ETH)
Ethereum’s price action was rather tame this past week and only booked a 0.5% increase. This highlights that this cryptocurrency is in a consolidation period at around $1,600.
The key resistance is found at $1,700, and the support is holding well at $1,550. While market participants remain undecided on the next steps for ETH, the price continues to bounce between these key levels.
Looking ahead, ETH may benefit from the most recent news that Coinbase has launched its own Layer-2 (L2) solution, which is built on top of Optimism. Called Base, this L2 does not have its own token, and ETH will be used for fees. As the Ethereum ecosystem grows, its price could move higher due to such fundamentals.
Ripple (XRP)
Ripple shares a similar story with Ethereum and also registered a 0.5% price increase in the past week. The trend is rather flat at the time of this post since buyers have failed to gather sufficient momentum to move the price.
With good support at 36 cents, XRP is well positioned to consolidate and move higher once momentum shifts. The price is also coiling up under the key resistance at 40 cents which could turn out bullish.
Looking ahead, any sustained rally by this cryptocurrency above 40 cents will likely move quite fast toward the next key level of resistance at 50 cents. We do not know when this will happen, but history shows that XRP is very quick to move once buyers become interested again.
Cardano (ADA)
ADA did not have a good week. It lost 2.4% of its valuation after being sharply rejected by the resistance at 42 cents. This turned the sentiment bearish, and ever since, the price is correcting.
The most likely candidate to stop this downtrend is the key support at 35 cents. This is where buyers became interested last time and managed to then push ADA to a local high.
Looking ahead, Cardano is likely to remain in search of support in the coming week. Until buyers show strength, the price will not reverse its current course.
Polkadot (DOT)
While Ethereum is struggling to find its momentum, Polkadot did not have this problem and booked a 10% price increase in the past week, outperforming most of the market.
This latest push found resistance at $7.7, which so far has stopped bulls from moving the price higher. The key support is at $6.3, but if buyers are eager, DOT may not re-test this level.
Looking ahead, Polkadot had a fantastic rally since its bottom at $4.4 and has now reached a local top. The momentum indicators, such as the RSI and MACD, signal a bearish divergence on the daily timeframe, which could mean this rally is approaching its end.
Chainlink (LINK)
Chainlink is our best performer this week after it registered a 14.4% increase in price. In the process, LINK outperformed most of the market and also confirmed the breakout by turning the $7.4 resistance into support.
This is great news for bulls because LINK can continue to rally and may even reach $9.4, which is the next key resistance. By confirming the breakout with a re-test on Wednesday, confidence is high that the price can continue up.
Looking ahead, this cryptocurrency may take the spotlight in the coming week as it continues to outperform the market.
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