Crypto Price Analysis Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna

We take a closer look at Ripple and Cardano, Solana and Luna this week.

Ethereum (ETH).

After a major crash below the $3,000 mark, ETH found support this week. The price has now stabilized below $2,550, where it found support at $2,000. The week was difficult for ETH as it lost 20% of its dollar value.

This Wednesday saw the cryptocurrency briefly reach $2,725 and then fell to the bottom of the key resistance. Since then, ETH has been sideways and has not been able to retest this level. This shows that ETH has not dropped lower despite some indecision in its price action.

Market participants feel more nervous as price consolidation causes uncertainty. There is no way to tell if the consolidation will lead to a correction or recovery. The market is weak and the indicators don’t give any confidence to the buyers.

Chart by TradingView

Ripple (XRP).

After a sharp drop on Friday, XRP has moved just above $0.58 for the majority of the week. Overall, XRP lost 17% over seven days and has not recovered most of its recent losses.

Current price action is not encouraging confidence and a retest at the key support seems likely. The resistance level is at $0.65. However, the bears rejected the last retest. The price has slowly fallen towards support since then.

XRP doesn’t have the buying pressure needed to break out. If the market is weak, sellers may take advantage of this and push the cryptocurrency down. Over the past week, the RSI daily timeframe has not moved beyond the oversold zone. This indicates a strong downtrend, as the bias for XRP remains bearish.

Chart by TradingView

Cardano (ADA)

After failing to overcome resistance at $1.1, ADA seems on a clear track towards testing support at $1. ADA has lost 19% in dollar value over the last seven days as price continues to fall.

Additionally, the trend has been bearish since the cryptocurrency reached its all-time peak at $3.1, with lower lows than higher highs. Last Saturday was the lowest low. This confirms the bearish trend and suggests that it will continue. The volume has decreased significantly, which could explain why the market is still unsure of where it will go next.

A price drop below $1 could have a significant psychological impact on ADA’s future price action. It’s likely to be a fierce battle in the coming days between buyers and sellers for control at this level.

Chart by TradingView

Solana (SOL)

SOL is similar to ADA, with a similar level in uncertainty just above $79. After failing to breach the $100 key resistance, the price action is bearish and shows lower highs than lows. SOL lost 30% of its value over the past seven days and a retest of support seems likely.

Five daily red candles have been lit by sellers in the last seven days, continuing their dominance of the price action. The daily RSI is flat in the oversold zone at 24 points for more than a week. SOL’s failure to rally and move away is a sign that sellers might not be done yet.

SOL is likely to reverse the trend at the $79 support level. If buyers return to market, then SOL can try a recovery.

Chart by TradingView

Luna

Yesterday, Luna fell below $54 and the price now appears to be ready to fall. Luna will likely fall to $42 if buyers fail to stop the selloff. It had a disappointing week overall, losing 33% over the seven days.

The $54 support level has become resistance and the indicators are on a free fall. Luna’s daily RSI has not yet surpassed the oversold zone, which indicates that it can continue falling for some time before reaching this point that could attract buyers.

Moving averages and the MACD histogram are both expanding downward. There is little to suggest that this selloff will soon end. Six red candles have been lit in the last seven days by the sellers, dominating the chart at the moment.

Chart by TradingView
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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