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Ethereum, Solana, Cardano, Ripple, and Polkadot

Ethereum, Solana, Cardano, Ripple, and Polkadot
Written by publisher team

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

Ethereum (ETH)

As expected, last week ETH finally found support, and appears to have put an end to the downtrend that started in November. The price managed to hold above the $3,000 support but still not fully recover, posting a 4.6% loss in the past seven days.

If the current relief rally continues, ETH has a good chance of retesting the key resistance at $3,600, which is likely to put up a strong fight. The current price action shows that traders took a profit at around $3,300 after entering at major support, as the market now appears to be consolidating.

Looking ahead, ETH appears to be in a good position to continue its rise towards major resistance. On the way there, buyers will need to show tremendous strength to break through the downtrend that started in November.

Chart by TradingView

Sunshine (Sun)

The SOL downtrend was halted at the $130 support level. The sellers were unable to push the cryptocurrency lower, and the price has since rebounded, quickly moving towards $150, with SOL currently facing some resistance. All in all, it has lost 3% of its value in the past seven days.

If the cryptocurrency is able to move above $150, it will find the next major resistance at $170, which will likely be more difficult to break. However, as the price found support at $130, volume and interest in SOL increased, giving it good momentum higher.

Looking ahead, if SOL is unable to break above the $150 level, it is likely to consolidate above the major support level until enough momentum returns to push the price towards the breakout.

Chart by TradingView

Cardano (ADA)

Although the ADA showed a lot of resilience at the $1.2 support level, the bears eventually managed to push it lower to $1.1 this past week. Since then, the bulls have halted the selling and brought the ADA back above $1.2. After this back and forth action, ADA recorded virtually no change in price compared to seven days ago.

Even if the current price action is being controlled by the bulls, the general trend of the ADA is still bearish at the time of writing. This latest drop created a new lower low, and until the ADA makes a higher top or higher low, the bulls are unlikely to be able to reverse the downside.

ADA also has a major resistance at $1.5, which is quite a distance from the current price. Therefore, buyers must rally if the cryptocurrency is to move away from its current trend.

Chart by TradingView

Ripple (XRP)

XRP found support last week at $0.70, and since then it has moved higher towards $0.80, as the bears rejected it. Similar to ADA, the price today is very close to what it was seven days ago. Therefore, XRP has managed to recover from its recent low and appears eager to go higher.

The most important resistance is now at $0.85, and XRP must break the downtrend that started in November in order to move higher. Breaking the main resistance will ensure that.

Moreover, buyers have some good news since the daily MACD made a bullish cross today. This gives XRP hope that an upward momentum can form in the next few days. However, the major resistance remains a difficult level to break at this time.

Chart by TradingView

Polkadot (DOT)

DOT remains stuck in a very large range between the major support at $24 and the resistance at $32. The price bounced back from support twice, the last of which was last Tuesday and the DOT recorded almost no change in its price compared to seven days ago – very similar to XRP and ADA.

The current DOT bias can be interpreted as slightly positive because the daily MACD crossed to the upside on Wednesday while the RSI is pointing to a bullish divergence. These elements bring confidence that the DOT may attempt to rise to key resistance next week.

It is too early to tell if the DOT will be able to break the key resistance at $32, and the last time that was attempted, the price was pushed back sharply. Until the breakout occurs, the cryptocurrency will continue to move within the current price range.

Chart by TradingView
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Cryptocurrency charts by TradingView.

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publisher team