Ethereum (ETH) Analysis
Since the $4,000 support held well in the last seven days, Ethereum has acted like a locomotive, pulling most of the altcoin market back on its upward trend. It just missed reaching an all-time high of $4,868 by $80 after breaking through the key resistance at $4,350.
As a result of the high volatility, the price is very close to last week’s analysis, showing only a 1% increase. ETH has nevertheless outperformed Bitcoin and has drawn much attention.
In order for ETH to reach its all-time high, it must 1) maintain its price above the critical resistance-turned-support at $4,350, and 2) attempt to break above $4,868. An uptrend can result if the strategy is successful. For market participants, December should be an exciting month.
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Binance Coin (BNB) Analysis
BNB recovered quickly above this key level after falling below $600. However, the price has not managed to reach a higher high when compared to the last weekly review and is down 2.3% in the past week.
BNB has a good chance of exploring higher levels if it holds above the support at $600 and even breaks the all-time high at $692. At the moment, the BNB indicators are not particularly bullish, with the daily MACD failing to cross bullish yesterday. This will increase the chances for BNB to increase significantly later.
As long as BNB consolidates above $600, it can continue to consolidate. The week ahead will be dominated by market leaders Ethereum and Bitcoin.
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Cardano (ADA) Analysis
Volatility returned to ADA yesterday when the price increased by 10% in less than 4 hours. This is a welcome change after a poor performance in the previous weeks. On November 16th, ADA broke below the critical support at $1.9, and this level turned into an important resistance. Overall, in the past seven days, ADA’s price remained almost the same with a -1% difference.
For the cryptocurrency to reverse the downtrend, it has to break the resistance at $1.7 and $1.9, with the latter being the true test of this renewed volatility and momentum. Failure there might cause the price to remain under $1.9 for some time.
Looking ahead, there are some positive signs for ADA holders. The daily MACD painted a bullish cross, thanks to yesterday’s rally. If bulls can maintain this bullish momentum, ADA can finally return on the uptrend. The volume was significant, which is a sign of strength.
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Solana (SOL) Analysis
SOL had a great week with a nice 13% increase after it successfully tested the $190 level as support. At the time of this post, the price is sitting just under the key resistance found at $236. It is unlikely this level will hold SOL under it for long because the bullish momentum is building up.
The MACD, on the daily timeframe completed a bullish cross, and this is a key bullish signal that SOL may be entering into a sustained rally. The first confirmation of this will come if the cryptocurrency breaks above the key resistance at $236. Volume has also increased in the past week, showing that bulls have the upper hand. It is important to see if bears will come in force at this resistance level because if they don’t, then bulls will continue on their march higher.
The all-time high for SOL is at $259.90, which is not far from the current price. If bears are unsuccessful to step in at $234, then the all-time high is their last line of defense before SOL re-enters price discovery.
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Luna Analysis
The strongest performer this week, Luna, increased by 53%. This is a testament to the fundamentals behind this push, with TerraUSD stablecoin reaching $7.8 billion in market cap at the time of this post. On November 1st, the market cap was $2.8 billion. More Luna tokens need to be burned to increase the market supply of TerraUSD. This creates demand for Luna, and it reduces its circulating supply. Taken together, this exercises a significant buy pressure on the token.
With that said, Luna made a new all-time high today and reached $69.66, the highest price on record. This level is likely to act as resistance as on lower timeframes like 4 hours, the RSI shows a bearish divergence. A short pullback would not be surprising as the bulls rest before the next rally. On larger timeframes, Luna’s indicators remain extremely bullish. However, it is always best to be cautious during extremes.
Looking ahead, Luna has great support at $55. Should it enter a correction in the future, these levels should be well defended by bulls.
Chart by TradingView
Original Article can be found at https://cryptopotato.com/crypto-price-analysis-dec-3-ethereum-binance-coin-cardano-solana-and-luna/
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
