Crypto Price Analysis August-23: ETH, XRP, ADA, BNB, and SOL

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

Ethereum (ETH)

There is a lot of hope that Ethereum will recover and enter a rally again, but so far, the price action does not give a clear picture of whether this can happen anytime soon. ETH also closed the week with a modest 2% increase.

To regain buyers’ interest, the cryptocurrency needs to break the $2,800 resistance and confirm it as support. Anything less than that will shift interest from market participants to other altcoins, such as ADA or BNB, which have been performing well lately.

Looking ahead, Ethereum found good support at $2,400 and is trying to move higher, but momentum is simply not there at the time of this post. Perhaps things will improve later this month.

Ripple (XRP)

XRP continues to sit around 60 cents and closes the week with a 6% price increase. The bias leans bullish, but momentum is lacking. The key levels between 54 and 68 cents remain intact and they were not tested this week.

Until XRP breaks away from this flat trend, volatility will not return. This could also be interpreted as a consolidation period before buyers or sellers return in force to push for a clear outcome.

Looking ahead, XRP has to break the key resistance at 68 cents if it hopes to reach higher levels in the future.

Cardano (ADA)

After weeks of pain, ADA finally woke up. In an impressive move, the price increased by 15% this week, making it the best performing coin on our list.

The reason the price went on a rally is because it finally broke the resistance at 37 cents. This has now opened the way for ADA to aim much higher with the next key target found at 46 cents. The old resistance is now acting as a key support.

Looking ahead, ADA is giving clear signals that its downtrend may be over. If the resistance at 46 cents is broken as well, then the price will make a higher high. That will confirm that this correction that started in March has ended.

Binance Coin (BNB)

Binance Coin had another good week. After firmly confirming the support at $500, the price is found in a clear uptrend that allowed it to close with a 11% price increase. This is an impressive performance considering other altcoins are still undecided where to go next.

With this double bottom at $500 behind it, BNB is well placed to make higher highs. The closest target on the chart right now is found at $600. If that is claimed, then this cryptocurrency can aim for the ATH at $700 next.

Looking ahead, Binance Coin is well positioned to rally and continue its current momentum. The indicators, such as the RSI and MACD, are also giving a clear bullish bias.

Solana (SOL)

Solana appears to struggle and is unable to break higher. After it was pushed down by the resistance at $164, the price has been stuck in its current range. For this reason, SOL closes the week with a modest 1% price increase.

This sideways price action is creating anxiety among Solana fans because they are used to volatility and high price swings. It’s atypical for Solana to lag behind other coins considering its spectacular performance earlier in the year.

Looking ahead, buyers have defended the price well at the $134 support, but they were unable to break the current resistance. The target remains $164 and buy volume will need to explode if Solana hopes to break that.

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