Ethereum, Cardano, Ripple, Solana y Luna

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

img2_cryptopost

Ethereum (ETH)

On Tuesday, Ethereum fell below $ 4,000 (level that acts as resistance at the moment) after it failed to sustain its rally from the previous week. The price made a lower low and closed the last seven days in the red with a loss of 8%.

The current price action has formed a large descending wedge (in blue) which is a bullish formation as long as the price can break above it after the correction is complete. This possibility is also confirmed by the MACD histogram which on the daily time frame has been making higher lows, suggesting that a bullish divergence is materializing as the price moves within the limits of the wedge.

Looking ahead, ETH is unlikely to break out of the gap anytime soon, and if the correction continues, the cryptocurrency may even hit $ 3,300 before a possible breakout. The current support at $ 3,600 has held well so far, but the price has been making lower lows and highs, indicating a downtrend. If ETH can close a daily candle above the wedge, then it has a good chance of going back into the uptrend.

Chart by TradingView

Cardano (ADA)

ADA was unable to move above $ 1.5, which is currently acting as resistance after a sustained rally from the $ 1.2 support level. This most recent rejection caused a loss of 8.6% in the last seven days.

The biggest challenge for ADA is to pull back above the trend line that has held since March 2020 and was lost on December 9. ADA tried to break above this key trend line again three times, but each time it was rejected, most recently on Tuesday.

ADA is currently in a downtrend and may retest the key support level in the next week. Its volume shows that interest is high and, until a breakout occurs, the price is likely to remain stuck in a range between $ 1.5 and $ 1.2.

Chart by TradingView

Ripple (XRP)

XRP had a tough week after being rejected by the $ 1 resistance level. This caused it to lose most of the gains made in the prior week, closing the last seven days in the red with a 15.6 price loss. %. Current support is at $ 0.75 and it should provide a good defense zone for buyers.

Due to the slide, the indicators have turned bearish with the daily MACD completing a bearish crossover today and the RSI dropping below 50 points. However, the RSI managed to complete a higher low, despite the correction. Therefore, the bulls have a good chance to reverse the downtrend soon and attempt another attempt towards the $ 1 resistance.

Looking ahead, if XRP can stop the downtrend in the next week, then the buyers may come back to propel the price towards key resistance which has thus far proven quite challenging.

Chart by TradingView

Solana (SOL)

SOL’s rally came to an end on Tuesday when the broader market turned around. The price fell below the ascending wedge in blue (which was a bearish formation) and stopped at the $ 170 support, thus losing 7.9% in the last seven days.

The cryptocurrency was unable to sustain its rally from the prior week and the $ 205 resistance proved too difficult to break on a first try. The price is currently consolidating just above the current support level and if SOL can stop the downtrend here then it has a good chance of bouncing back next week.

If the buyers turn back to SOL, then it can attempt a new breakout of the key resistance at $ 205. Until then, its price is likely to remain in a range between $ 205 and $ 170.

Chart by TradingView

Luna

After setting an all-time high last week at just over $ 100, Luna entered a correction and closed the last seven days in the red down 4.9%.

Current support for Luna is at $ 78 and the price is likely to retest this area before any hope of a renewed uptrend. The $ 100 resistance turned out to be too difficult to break as the sellers made a profit at this key psychological level.

Looking ahead, the Moon indicators in a daily time period turned bearish after the rejection of key resistance. For this reason, the price correction may take some time to complete, despite the bullish fundamentals behind the Terra – Luna ecosystem.

Chart by TradingView

SPECIAL OFFER (Sponsored)
Binance Free $ 100 (Exclusive) – Use this link to sign up and receive a free $ 100 and 10% off fees on Binance Futures for the first month (terms).

PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to get a 25% discount on commercial rates.

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell, or hold investments. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See the Disclaimer for more information.

TradingView cryptocurrency charts.

We would love to say thanks to the author of this article for this amazing web content

Ethereum, Cardano, Ripple, Solana y Luna

Dispensary Business News