Crypto Value Evaluation January seventh: Ethereum, Binance Coin, Cardano, Solana and Luna – CryptoPotato

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This week we’re taking a closer look at Ethereum, Binance Coin, Cardano, Solana, and Luna

Ethereum (ETH)

In the past seven days, we have seen the crypto market crash and ETH was no exception, plummeting over 14.6% over the reporting period. After a brief attempt earlier this week to push towards $ 4,000, the price swiveled quickly on Wednesday, breaking below the $ 3,600 support that is now resistance. The downtrend didn’t fade today and continued as ETH fell below $ 3,300.

At the time of this post, ETH looks very weak and a test of $ 3,000 support seems likely before a significant rebound can be expected. Both the market and ETH are now in oversold territory. As such, a recovery rally is likely in the near future once the bears decide to abandon the current attack.

ETH could rebound in the coming week if selling pressures ease. However, for the downtrend to end it will have to break above $ 3,600, which seems pretty unlikely given current market conditions.

Chart according to TradingView

Binance Coin (BNB)

BNB was not spared this week and fell below $ 500 with the price now heading towards the $ 420 support level. Overall, the cryptocurrency closed the last seven days with a price loss of 13.8%, similar to ETH.

The support level has a good chance of stopping the current downtrend. Should a relief rally set in thereafter, the NBB has resistance at $ 520. It’s very hard to expect a jump right now.

The daily RSI is already in the oversold territory, suggesting that selling pressures may have peaked. As the weekend approaches, which is usually lower in volume, BNB can take a break before taking the next step.

Chart according to TradingView

Cardano (ADA)

ADA has shown resilience during the bear attack for the past three days and has managed to successfully defend the USD 1.2 support level every day. For this reason, it has performed better than ETH or BNB with a price loss of 10.4% in the last seven days. Critical support continues to hold up well despite the declining market.

Buyers seem very interested in ADA at this price point, and the chart shows it. However, every time the support level is tested, the risk of it breaking increases. It would be impressive if the ADA managed to stay here. When a recovery rally begins, ADA has resistance at $ 1.5.

Looking ahead, ADA remains in a range between $ 1.2 and $ 1.5.

Chart according to TradingView

Solana (SOL)

After SOL was rejected at the $ 200 resistance level, the price entered a severe correction, falling nearly 20% in the past seven days. Current support for SOL is at $ 128 and $ 116, which should break the downtrend.

Additionally, the daily RSI has hit the oversold territory, indicating that most of that correction may be behind us. Nonetheless, the daily MACD remains bearish and volume increased as the correction progressed, which is another strong bearish signal.

Current resistance is at $ 148 and is unlikely to be tested until SOL stops the current downtrend.

Chart according to TradingView

Luna

When Luna hit $ 100, market participants were euphoric. The price action since then has only been a disappointment, however, as the cryptocurrency fell to $ 70 at the time of this post, having lost 17% of its valuation in the past seven days.

Key support at $ 70 appears to hold for now, but Luna has fallen below the key level at $ 78, which is now acting as resistance. It had to hold above $ 78 to keep the uptrend momentum intact. That has now been lost.

Because of this, the short- to medium-term bias is now bearish and if the downtrend continues, the price could even hit $ 50. Both the MACD and RSI are rapidly falling to lower levels in the daily timeframe with no trend reversal apparent at the time of this post.

Chart according to TradingView
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Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold investments. It is recommended that you do your own research before making any investment decisions. Use the information provided at your own risk. Please see Disclaimer for more information.

TradingView’s cryptocurrency charts.


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