CryptoPotato presents a comprehensive analysis of the cryptocurrency market for February 21, focusing on Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH) saw a 2% price surge this week, with a consolidation just below the $2,870 resistance level. The momentum for ETH is gradually building, evident in the bullish trend on both daily MACD and RSI charts. However, the volume has been consistently low since the start of February.
Looking forward, if Ethereum can break the $2,870 resistance, it might quickly shoot to $3,000, revitalizing market optimism and triggering a buying spree.
Ripple (XRP) enjoyed a 5% price increase this week, yet it fell short of testing the $3 resistance. The recent upswing is encouraging for bulls, but the momentum and volume lack the necessary strength for a breakthrough. Consequently, a continued consolidation is anticipated.
For XRP to sustain a rally, it needs to break above $3. Any less could be interpreted as bearish, potentially causing buyers to lose interest due to the lack of volatility.
Cardano (ADA) remains static at $0.8, with no significant movement. The current resistance lies between $0.84 and $0.9, and buyers seem unable to propel the price higher. To turn bullish, buyers need to push the price above $0.9. If not, sellers could take control, pushing ADA back to its support level at $0.65.
Binance Coin (BNB) is experiencing a pullback after failing to break the $700 resistance, resulting in a 2% price drop since last week. It is critical for buyers to defend the $600 support level to prevent a bearish trend. Once the pullback phase ends, BNB might attempt another run at the key resistance, provided it can maintain a price above $600.
Solana (SOL) had a challenging week with an 11% price drop, making a lower low which is contrary to the current market trend. The main concern for SOL holders is the price making a lower low, which could put the $164 support under pressure if buyers don’t return soon. If the current trend persists, SOL could plunge to the next major support level at $134.
