This week, we examine Ethereum, Ripple, Cardano, Binance Coin, and Solana in greater detail.
Ethereum (ETH)
Ethereum closes another week in red after the price fell by 3%. Buyers tried to keep it above $2,400 following news that ETH will be included in the upcoming US Crypto Strategic Reserve. However, they could not maintain this level for long.
At the time of this post, Ethereum is attempting to return to the resistance at $2,400, which must be broken for a clear uptrend to follow. While momentum on lower timeframes, such as the 4-hour chart, appears bullish, higher timeframes still retain a bearish trend.
Looking ahead, ETH has a solid chance for recovery as long as it remains above $2,000. With the White House Crypto Summit expected this Friday, more positive news could reignite buyer interest.
Ripple (XRP)
XRP experienced a significant rally this week, closing with a 13% gain after the announcement of its inclusion in the US Crypto Strategic Reserve. The asset nearly reached $3 before encountering resistance.
For XRP to regain its uptrend, buyers must break the $3 resistance that obstructed the bullish momentum earlier this week. Currently, the asset is experiencing a pullback, which could last until the next attempt at a breakout.
A consolidation pattern appears to be forming between $2 and $3, with a breakout from this range likely to trigger significant price movement. This news has suitably positioned buyers for further gains.
Cardano (ADA)
ADA saw an impressive rally, gaining 80% between last Sunday and Monday after associated news about the US Crypto Strategic Reserve. The price hovered around $1 briefly before pulling back to fall below this critical level. However, the week closed with a notable 41% increase in value.
This momentum has shifted the chart towards the bullish side, but to solidify this trend, ADA must reach a higher high above $1.32.
Looking ahead, ADA has significant potential to reignite its previous rally from November 2024. For buyers to take control, they need to break the resistance levels at $1 and $1.3, with support poised at $0.9.
Binance Coin (BNB)
Binance Coin did not receive specific mention from Trump, resulting in a relatively stable week with a 2% loss. BNB is currently positioned around $600, an enticing level for potential buyers.
Throughout the past week, BNB enjoyed solid support around $550, where buyers repeatedly entered. Currently, they are making efforts to establish $600 as a key support level, although confirmation is still pending.
Looking ahead, momentum may begin to favor bulls in the coming days, particularly with expected volatility from forthcoming news regarding US crypto policies. If BNB can maintain its position above $600, buyers could gain a favorable edge.
Solana (SOL)
Solana experienced a surge to $180 following news of its inclusion in the US Crypto Strategic Reserve, but sellers swiftly responded, returning the price to its previous level within 24 hours. Consequently, the asset recorded a modest 5% gain for the week.
Despite the significant pullback, Solana has reaffirmed $134 as a crucial support level, tested multiple times without yielding. This resilience indicates that buyers may soon attempt to break through the current resistance at $164.
Moving forward, Solana finds itself in a strong position to reverse the recent downtrend, which has recently made a lower low. For a successful reversal, bulls must push SOL above $164 in the near future.
The post Crypto Price Analysis March-06: ETH, XRP, ADA, BNB, and SOL appeared first on CryptoPotato.
