Ethereum saw a brief surge above $3,000 this week, marking a 4% increase in price. However, the cryptocurrency soon entered into a correction phase, potentially re-testing the key support level at $2860. To sustain the bullish momentum, buyers must defend the support and push the price back above $3,000. Failure to do so could invite selling pressure, leading to a deeper correction. Despite the pullback, Ethereum remains bullish on higher timeframes, suggesting that any downturns may be short-lived.
Ripple experienced a breakthrough above the 54 cents resistance level before retracing, resulting in a 5.6% loss for the week. The next significant target for XRP is at 68 cents, provided buyers can maintain support at 54 cents. While daily momentum indicators show signs of weakening bullish bias, it is premature to predict a bearish trend. However, a drop below 54 cents would empower sellers and potentially drive the price lower towards 50 cents.
Similarly to Ethereum, Cardano breached the 60 cents mark before succumbing to selling pressure and losing this critical level. Currently, Cardano is undergoing a correction, registering a 3% loss for the week. With sellers in control, ADA could slide towards 50 cents unless buyers intervene promptly. Until the correction phase concludes, it is unlikely for Cardano to achieve new highs. However, if buyers defend the 50 cents support level, a potential rebound may occur.
Solana emerged as one of the first altcoins to initiate a correction phase before the broader market followed suit. The cryptocurrency plummeted by 8.5% within the week after facing resistance at $117. Key support levels for Solana are identified at $95 and $78. Despite the recent downturn, a retreat to double-digit prices seems improbable given the previous efforts to propel Solana above $100. The correction phase may persist until a significant support level halts the decline and attracts buying interest.
In a surprising turn of events, Binance Coin emerged as the top performer among the mentioned cryptocurrencies, with a 6% price surge creating a new yearly high. Despite the bullish sentiment, prevailing market conditions could temper expectations of further price escalations. To sustain the rally, buyers must successfully push BNB above $377 and establish this level as crucial support. Achieving this milestone could pave the way for a breakthrough above $400. However, failing to maintain above $377 might trigger a corrective phase, potentially targeting $330 or even $300.
The cryptocurrency market witnessed a mix of ups and downs during the week, with various coins experiencing price fluctuations and corrections. While some digital assets managed to uphold bullish momentum, others faced challenges in sustaining upward trajectories. As market conditions remain uncertain, investors and traders should closely monitor price movements and key support levels to make informed decisions regarding their cryptocurrency portfolios.