Technical analysis evening: ETH, XRP, BNB, ADA, MATIC

Ethereum (ETH)

The last two days have not been easy for ETH as the price corrected back to the critical support at $2,800, down almost 6% in the last 7 days. Today’s price action shows that buyers have returned after the top altcoin hit this support, with prices stabilizing just above it.

The concern now is will the ETH correction end here or continue? If the key support level fails to hold in the coming days, the overall market structure will turn bearish and the previous local bottom of $2,200 is more likely.

The daily timeframe indicators are curving down and could soon turn bearish if buyers fail to push ETH back higher. So far, the resistance at $3,200 has prevented the price from moving higher.

Source: TradingView

Ripple (XRP)

After last week’s strong rally, XRP started to consolidate and formed a large pennant. Because of this, volatility decreased and the price closed down 4.9% over the past 7 days. The bounce of the price from the pennant will determine XRP’s next position. The key resistance is at $0.96 and the support is at $0.7.

As volatility decreases, so does volume, but it is expected to surge once the price clears the pennant. The current price action is in a flat trend and indicators are turning bearish similar to ETH.

This cryptocurrency surprised the market with its recent rally and if it can finally break $1 in the short term, it will be back in the spotlight. For this scenario, it is important that the price does not fall below the key support.

Source: TradingView

Binance Coin (BNB)

BNB caused a lot of excitement this week as the price broke the downtrend that started in November 2021. Unfortunately, the market turned bearish yesterday, pushing BNB back below the breakout level. As a result, Binance Coin slipped below where it was 7 days ago, down 2.2% at press time.

If the price can scale back above $415, BNB has a chance to rally towards the critical resistance at $465 and invalidate the downtrend again. The current support at $400 has held well into the recent decline and it will be important to hold over the next few days lest the BNB structure turn bearish.

BNB’s indicators are fairly flat on the daily timeframe. This suggests that the market could go either way from current levels. Looking ahead, as long as BNB sustains above $400, BNB has a good chance of bouncing back.

Source: TradingView

Cardano (ADA)

Unfortunately for ADA, the price has remained in a downtrend for most of the past 7 days, posting an 11% loss at press time. Indicators are still bearish and ADA is fast approaching the key support at $1. Buyers need to defend this critical level or the outlook for ADA is bleak in the near term.

Daily indicators are bearish with the MACD breaking into negative territory yesterday and the RSI continuing to make lower lows. That’s not encouraging, but ADA has a chance to stay afloat if buyers keep it above $1.

ADA also has 2 main resistance levels at 1.1 and 1.2. In February, these levels resisted any attempt to move higher.

Source: TradingView

Polygon (MATIC)

Yesterday, MATIC fell to the critical support at $1.70, shedding most of its gains from over a week ago when the price was at $2. Because of this, MATIC closed the last 7 days down 12%.

Despite the fundamentals and excitement surrounding MATIC’s multi-chain system, the price action is still heavily influenced by the broader market. BTC’s recent correction dragged most altcoins lower, including MATIC, which continued to fall on its recent rally.

While the indicators are bullish at the time of writing, if the price loses the $1.70 support, the momentum will quickly fade and a negative crossover will appear in the MACD-Histogram. In this case, MATIC is likely to drop to $1.40. The key resistance level remains at $2 and is unlikely to test this level anytime soon given the current market conditions.

Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

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