Crypto Price Analysis August-16: ETH, XRP, ADA, BNB, and SOL

2 months ago 31

This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.

Ethereum (ETH)

Ethereum continues to struggle above the key support at $2,400 and fell by 2.3% this week. The trend remains bearish. Unless the bulls break the key resistance at $2,800, this bias will not change.

The biggest concern right now is the negative momentum on higher timeframes, such as the weekly. The MACD histogram has been making lower lows, and this trend shows no signs of a possible reversal.

Looking ahead, sellers may continue to press the $2,400 level. If they are not stopped, Ethereum may struggle to stay above it and fall lower in the future.

Ripple (XRP)

XRP lost 5.7% of its valuation this week, but at least in this case, the price has been making higher lows, which makes sentiment slightly more optimistic than Ethereum.

The problem with this cryptocurrency is that it has been in a flat trend for years now. Somehow, sellers always stopped buyers’ attempts to take the price towards $1. Faced with this, XRP bounced between the key levels and never left them.

Looking ahead, XRP has good support at around 50 cents, but the resistance at 68 cents has stopped any ambitious buyers since late 2023. Hopefully, 2024 will offer a clear breakout before the end of the year.

Cardano (ADA)

ADA crashed by almost 60% from its recent high in March 2024. This downtrend has been harsh on Cardano holders, and it did not stop this week either, as the price fell by another 6%.

In these circumstances, the best thing to hope for is that the current support at 31 cents will hold and not allow the price to make a lower low. So long as that happens, there is a good chance ADA may have bottomed already.

Looking ahead, ADA has resistance at 37 cents, and until broken, lower lows are still a possibility, as any renewed selling will see the current support under a lot of pressure.

Binance Coin (BNB)

Luckily for BNB, the support at $500 was reclaimed, allowing the price to close the week with a 1.5% price increase. Closing this week in green is a rare occurrence in crypto right now.

This price action could indicate that BNB’s correction is over. Buyers may attempt to consolidate around the $500 level before they attempt another push higher. The next resistance is at $560.

Looking ahead, Binance Coin could aim to rally again and hope to approach its current ATH at $721 later in the year if the overall market recovers.

Solana (SOL)

For the past six months, Solana has been stuck in a flat trend and recently made a lower low. This is not bullish and is rather concerning for anyone hoping for higher levels. The price also closed the week with a 9% loss.

While support at $130 has held well to date, this does not guarantee that it will be tested again in the future. Even if the trend is flat, the price action leans bearish, which could see bears return.

Looking ahead, unless the overall market sentiment improves, Solana will struggle to rally again. The current resistance is at $164.