This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Litecoin.
Ethereum (ETH)
The volatility of Ethereum increased this week, and it managed to book a 4% increase in price. This puts ETH into an uptrend and confirms the $1,820 level as support.
To stay in the green, ETH needs to break above two key levels, $2,000 and $2,100, which are currently acting 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 season will be different.
Looking ahead, buyers turned to Ethereum. However, it is too early to tell if they are serious about continuing this uptrend. A clean breakout above two key resistance levels would give them full price control.
Ripple (XRP)
In a surprising move, XRP reached 50 cents this week and booked an 11.7% price increase, making it the best performer on our list. The price is now below the key resistance at 53 cents which has historically pushed back any attempt from buyers to take XRP higher.
In April, sellers became 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 great opportunity to break out of its current range established in April and May. If the resistance is broken, then buyers may have a good chance to get XRP to the next 60 cents.
Cardano (ADA)
Cardano continues to retreat compared to XRP, and its price action is similar to ETH, allowing it to book a 4% price increase this week. Key resistance is at 38 cents, while support is seen at 36 cents.
Considering that the price made a higher high, the trend is turning bullish. However, the ADA needs to turn the 38 cents level into support to maintain this momentum. If not, it may go on like most of May.
Looking ahead, Cardano has a good opportunity to break higher, but the conviction from buyers is still lacking. This could change quickly if the bulls move the price above 38 cents.
Binance Coin (BNB)
Binance Coin had a difficult week, unable to make a clear trend. As a result, the price remained relatively flat, with a modest 0.5% increase this week.
BNB failed to break above the key resistance at $313 several times in May. This shows that sellers continue to hold the price at this time. Momentum indicators are leaning bearish, and this is unlikely to change with this price action.
Litecoin (LTC)
Litecoin had a good week after booking an 8.5% price increase. Today, the price is just below the key resistance at $95. While the bulls may break this key level, the real test awaits at $100 and beyond. Since early 2023, LTC has failed to maintain a three-digit price even though the bulls managed to bring it there several times.
With the increase in buying volume, the current sentiment seems to favor the bulls. However, the road to a three-digit valuation will be difficult because sellers may be eager to return when LTC reaches $100.
Looking ahead, the momentum is strong, and this price action has turned into an ascending triangle. If the buyers are successful, then the resistance at $100 will be an important support that will open the way to higher valuations for LTC.
The post Crypto Price Analysis Jun-2: ETH, XRP, ADA, BNB, and LTC appeared first on CryptoPotato.
