This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH)
Ethereum has been hovering just below the $2,400 resistance for over four weeks. With bulls unable to break this level, the price has entered a correction. At the time of this post, ETH is found at around $2,270 and is at a similar price to last week.
Since late April, the momentum on Ethereum has turned bearish on the daily timeframe, and the price appears to be catching up with clear lower highs.
Looking ahead, ETH has formed a large bearish channel with the lower limit at around $2,200. If that level is lost in the near future, then this cryptocurrency is likely to fall to $2,000 next.
Source: TradingView
Ripple (XRP)
XRP had a good week, closing 6% higher. This comes after the price managed to break out of the blue pennant and rushed towards $1.5. With bulls in control, this cryptocurrency has a real chance to test the key $1.6 resistance next.
As long as the price holds above the pennant, the bias remains bullish. Should the price fall back within the pennant, that would be interpreted as a bearish signal. Right now, the most important support is found at $1.4.
Looking ahead, XRP has been making higher lows and higher highs since April, and the buy volume is increasing. These are bullish signals that will be confirmed once $1.6 becomes support.
Source: TradingView
Cardano (ADA)
ADA is up 3% this week and has attempted to break the $0.28 resistance. However, sellers returned there to stop the rally, and the price entered into a pullback.
Even if the breakout did not materialize on this first try, it is a major change in price action that finally signals it wants to move higher. Should sellers continue to dominate, ADA could test the $0.25 support.
Looking ahead, this recent rally could suggest Cardano has bottomed around the $0.24 support level. If so, buyers will likely aim to send this cryptocurrency higher, even if it takes them more time. Key resistance levels are found at $0.28 and $0.30.
Source: TradingView
Binance Coin (BNB)
BNB closed the week 6% higher. This has allowed the price to arrive at the $690 key resistance. At the time of this post, bulls and bears are contesting this level. While momentum favors buyers, it needs higher buying volume to succeed.
Since this cryptocurrency found support at $580, the price has been in a steady uptrend, with daily gains. However, the current resistance may put a stop to this trend.
Looking ahead, Binance Coin needs to break above $690 to end its long consolidation that began in February. The price has been bouncing between $580 and $690 with no clear winners to date.
Source: TradingView
Hype (HYPE)
HYPE rallied 20% in the past 24h on the news that the USDC sitting on Hyperliquid will use a majority of its native yield to purchase HYPE. This comes after a trilateral agreement among Hyperliquid, Circle, and Coinbase to make USDC the exchange’s native stablecoin.
This development will increase the size of HYPE buybacks, as USDC will provide additional liquidity. In light of that, the price quickly rallied in anticipation of additional buying pressure.
Looking ahead, even if HYPE had a fantastic rally, the price failed to re-enter the blue wedge. For this reason, this could be interpreted as a bearish re-test. Losing the support at $43 would confirm this bias.
Source: TradingView
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