Crypto Price Analysis August-30: ETH, XRP, ADA, BNB, and SOL
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
This week, Ethereum re-tested the support at $2,400, and so far, buyers managed to defend this level well. On Thursday, ETH managed to recover some of the recent losses and spiked toward $2,600 again but was stopped there and pushed south by around $100.
In August, this cryptocurrency was stuck in a large range between $2,400 and $2,800. The asset has been bouncing between these key levels without being able to have a breakout.
Looking ahead, Ethereum is trying to consolidate and form a base above the key support. If it continues to hold well, then the price can aim higher in the coming days and weeks.
Ripple (XRP)
XRP also fell to its key support at $0.54 this week and closed with a 6% loss. Sellers have resumed their control of the XRP landscape and have halted the progress charted on Thursday, as the token is back to $0.56 as of now.
Volume remains low, which has reduced volatility since the drop in early August. This allowed the asset to move sideways and consolidate over the past two weeks.
Looking ahead, XRP is still to test the key resistance at $0.68, which is the main obstacle before a sustained rally can start.
Cardano (ADA)
ADA fell under $0.37, quickly recovered mid-week, but headed south once again in the past 12 hours or so. As long as buyers manage to keep the asset above the $0.37 support, the bias leans bullish with a good chance of a sustained recovery. However, that has not been the case now, and ADA is at $0.35.
Cardano has made a higher low this week, which suggests buyers are in control despite a turbulent price action on Monday and Tuesday. The current resistance and target is at $0.46 if it manages to reclaim $0.37.
Looking ahead, ADA needs to make a higher high as well to confirm a bullish bias. This will likely attract new buyers. To achieve that, the price needs to move above 39 cents.
Binance Coin (BNB)
Binance Coin is somewhat similar to Cardano and managed to make a higher low despite the drop earlier this week. Still, BNB closed the week with a 9% loss since buyers were a bit shy lately.
The major support is at $500 and was not tested during this week’s correction. This is a bullish signal because it shows buyers came early and did not allow the asset to re-test it. This indicates interests in this cryptocurrency remains high.
Looking ahead, Binance Coin should aim to make a higher high above $600 so that it can reach its current ATH at $700 next.
Solana (SOL)
Solana rallied last weekend but was stopped by the key resistance at $164. The subsequent rejection is why it closes the week with a 5% decrease. The current support is at $134, and buyers showed interest before this level could be tested.
As long as SOL remains between the two key levels, we can consider that it is consolidating and preparing for its next major move.
Looking ahead, should the market turn bullish again in the future, Solana will likely attempt another breakout above $164, which could encourage buyers to take SOL to a new rally for $200 next.
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