This week, we examine Ripple, Cardano, Binance Coin, Solana, and Hype in greater detail.
Ripple (XRP)
XRP experienced another week with flat price action, closing with a modest 1% gain. This comes after buyers failed to break the $2.3 resistance, which continues to challenge any potential uptrend.
In the past month, the volume has also been declining, which eroded the momentum needed to challenge the key resistance. Should it fall further, then XRP may revisit the support at $2, where buyers showed interest in the past.
Looking ahead, this cryptocurrency has been moving sideways since May without any clear signal that it will break its current market structure. For this reason, XRP is likely to remain around $2 in the short to medium term.
Cardano (ADA)
ADA lost its support at $0.64 this week and fell by 6%. This level will now act as a key resistance, and it may take quite a while until it is reclaimed, considering that the momentum is bearish.
With that key level lost, this cryptocurrency has to find new support with good candidates at $0.55 and $0.5. This downtrend is likely to return ADA to price levels last seen in April when it briefly visited $0.51.
Looking ahead, Cardano is in a difficult spot, being unable to sustain an uptrend. Since it peaked at $1.3 in late 2024, the price has been making lower highs that fueled the current bearish sentiment. Until this changes, a recovery appears unlikely.
Binance Coin (BNB)
Binance Coin tried to break the resistance at $692 in late May, but sellers rejected its attempt. This pushed the asset into a correction that continued this week as well, when it closed with a 1% loss.
While this is not too concerning, the price remains in a downtrend since late May and could revisit the support at $630 and $600. It is critical for BNB to stay above $600 if it wants to retain a bullish bias on higher timeframes.
With the overall market undecided, BNB could end up ranging above $600. While volume remains low, buyers could show up as soon as the price approaches $600 to push it higher again.
Solana (SOL)
The sentiment around Solana is deteriorating. This is made worse by its price, which is found in a downtrend after it was rejected at the $186 resistance. While the price is at similar levels to last week, the recent fall under $150 puts sellers on the offensive again.
If this downtrend continues, then bears have a good shot at pushing SOL towards $130 next. If the bearish sentiment increases, then sellers have a good shot at revisiting $118 as well.
Without buyers, Solana is found in a difficult position considering its tokenomics, which are inflationary. Hopefully, buying interests resumes once the price approaches $130, which would be a good candidate for a relief bounce.
Hype (HYPE)
The hype around HYPE appears to have vanished this week after the price broke below its uptrend at around $39. At the time of this post, the price is down by 10% this week and does not show any signs of stopping. This correction is likely to be quite significant considering the prolonged uptrend.
Compared to its all-time high at $46, HYPE has now slumped by over 20% and is currently around $35. If the price continues to fall, then good support is found at $34 and $30.
Looking ahead, HYPE retains a very strong fundamental basis to make new highs after this correction is over. Until then, it’s best to wait for the price to find a bottom somewhere around $30 or even lower, around $28.
The post Crypto Price Analysis June-20: XRP, ADA, BNB, SOL, and HYPE appeared first on CryptoPotato.
