This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Chainlink.
This week is ending with good news for Ethereum investors. The price has reclaimed its place within the ascending triangle and booked a 4.8% gain in the past seven days.
It was critical for ETH to get back into this formation as staying below it could have triggered a wave of selling pressure until the key support at $1,440. Fortunately, bulls came to the rescue, and now ETH is testing if it can push above the key resistance at $1,660.
Looking ahead, ETH has seemingly put a stop to the downtrend, at least temporarily. If buyers break the current resistance then this cryptocurrency could return on an uptrend and aim for $1,800 next.
XRP exploded today and is well on its way to reach the key resistance at 57 cents after booking a 7% increase this week.
This latest price action shows that buyers are back and may dominate in the next few days. Prior to this, volatility has been rather flat with little momentum.
The key levels of the current range have remained unchanged with support at 47 cents and resistance at 57 cents. Looking ahead, this cryptocurrency may attempt to break the key resistance next.
Cardano has reached the critical resistance at 25 cents, booking a 2.7% price increase this week.
The support at 24 cents managed to hold off any selling pressure and served as a pivot for a reversal. So long as buyers dominate the chart, ADA has a good chance at moving higher.
Looking ahead, the consolidation in the current range may soon end if ADA manages to break away from the current resistance. After that it can quickly go to 28 cents next.
Solana continues to impress with its resilience and has returned to the $20 resistance. It did not manage to break it yet, but it did succeed to book a 2.2% price increase this week.
The support at $19 was critical, and it managed to hold. This allowed SOL to return on an uptrend and approach the key resistance again.
Looking ahead, Solana has a good opportunity to break above $20 and move to the following key resistance found at $22.5. With the downtrend channel left behind, this price action looks promising.
The spotlight of this past week goes to Chainlink, which has managed to book an impressive 14.4% price increase. This makes LINK the best performer on our list and its price has now reached the critical resistance at $8.
After a successful test of the support at $5.7, this cryptocurrency rushed towards the resistance above in a matter of days. Buyers came in strong and the price did not hesitate to show it.
Looking ahead, LINK has a great opportunity to break away from its range that has kept the price in check since June 2022. A breakout would signal a significant change in its market structure and could be very bullish, which could attract significant buy pressure later.
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Cryptocurrency charts by TradingView.