Crypto Price Analysis Mar-8: ETH, XRP, ADA, SOL, and BNB

9 months ago 4

ARTICLE AD BOX

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

Ethereum (ETH)

Ethereum was impressed with another excellent performance this week, which increased by 15%. The price is now only 23% from the all-time high. After BTC broke its ATH, it seems ETH may be the next major cryptocurrency to do so.

The current resistance is at $4,000, but the one that really matters is at $4,860, which is the ATH. If Ethereum manages to break above that, it will enter price discovery, thus starting the race for a new top.

Looking ahead, ETH did not have a proper correction or pullback in weeks. This could occur once the price approaches $4,800. Expect volatility to spike as the price moves higher. Good support is found at $3,300 right now.

Ripple (XRP)

While other altcoins are breaking into new highs, XRP appears to be struggling to find a similar momentum. Nevertheless, the price still increased by 6% this week.

There is good support at 53 cents, which was successfully tested, but the real challenge for this cryptocurrency is to break above 68 cents, which acts as resistance. Unless that level breaks, XRP is unlikely to move higher any time soon.

Looking ahead, XRP appears to be consolidating under the key resistance. Expect volatility to pick up once the momentum across other altcoins like meme coins cools down because, right now, they are stealing the show.

Cardano (ADA)

Cardano is somewhat similar to XRP and managed to book a respectable 9% price increase this week. It did not break the key resistance at 82 cents, but this appears likely in the future if the market remains bullish.

The support is found at 60 cents and was recently re-tested successfully. Buyers appear to be distracted by meme coins, but they may start to return to ADA once they look for new opportunities to rotate their profits.

Looking ahead, ADA remains bullish. To make new highs, it has to break above 82 cents. Until then, the price will remain in its current range.

Solana (SOL)

Solana had another good week with a 10% price increase. It also made a new high this year, which gives a clear signal that buyers are determined to send it higher.

The resistance is at $164, which serves as the target for this rally. The support is at $126, which buyers defended well during Tuesday’s drop.

Looking ahead, Solana is making good progress towards its all-time high, which is $260, and momentum remains bullish.

Binance Coin (BNB)

Binance Coin moved decisively above $400 this week and is well positioned to hit the current resistance at $500. With a 16% price increase, BNB is the best performer on our list.

What was once resistance at $437 has turned into support, and any pullback could retest this level to confirm this most recent breakout.

Looking ahead, BNB’s all-time high is at $692. This is less than a 50% price increase from current levels. Considering the bull market is far from over, this cryptocurrency has a good shot at hitting its previous record.