Crypto Price Analysis Jun-2: ETH, XRP, ADA, BNB, and LTC
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Litecoin.
Ethereum (ETH)
Ethereum’s volatility spiked this week, and it managed to book a 4% price increase. This puts ETH into an uptrend and confirms the $1,820 level as support.
To remain in the green, ETH will need to break above two key levels, $2,000 and $2,100, which currently act as resistance. Bears did not show any resistance at $2,000 in April but came in strong at $2,100. It remains to be seen if this time will be different.
Looking ahead, buyers have returned to Ethereum. However, it is still too early to tell if they are serious about maintaining this uptrend. A clean breakout above the two key resistance levels would give them full control of the price.
Ripple (XRP)
In a surprising move, XRP has reached 50 cents this week and booked an 11.7% price increase, making it the best performer on our list. The price is now just under the key resistance at 53 cents which has historically pushed back any attempt from buyers to take XRP higher.
In April, sellers came in strong at the current resistance level and did not allow it to move higher. If they reject the price again, then the key support is at 44 cents.
Looking ahead, XRP has a big opportunity to escape its current range established in April and May. If the resistance breaks, then buyers might have a good chance to take XRP to 60 cents next.
Cardano (ADA)
Cardano continues to lag behind when compared to XRP, and its price action is similar to ETH, which allowed it to book a 4% price increase this week. The key resistance is at 38 cents, while the support is found at 36 cents.
Considering that the price has made a higher high, the trend is shifting bullish. However, ADA will need to turn the 38 cents level into support to sustain this momentum. Otherwise, it may continue to range as it did for most of May.
Looking ahead, Cardano has a good opportunity to break higher, but conviction from buyers is still lacking. This could quickly change if bulls move the price above 38 cents.
Binance Coin (BNB)
Binance Coin had a difficult week, being unable to establish a clear trend. For this reason, the price remained relatively flat, with a modest 0.5% increase this week.
BNB has failed to break above the key resistance at $313 several times in May. This shows that sellers continue to hold a grip on the price at this time. The momentum indicators lean bearish, and this looks unlikely to change with this price action.
Litecoin (LTC)
Litecoin had a great week after booking an 8.5% price increase. Now, the price is just under the key resistance at $95. While bulls could break this key level, the true test awaits at $100 and beyond. Since early 2023, LTC has failed to sustain a price at three digits even if bulls managed to take it there several times.
With increasing buy volume, the current sentiment appears to favor bulls. However, the road to a three-digit valuation is going to be bumpy as sellers may be eager to return as soon as LTC reaches $100.
Looking ahead, the momentum is bullish, and this price action has formed an ascending triangle. If buyers are successful, then the $100 resistance might turn into a key support that will open the way to a much higher valuation for LTC.
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Filed under: Bitcoin - @ June 2, 2023 10:12 am