Altcoins Weekly Analysis – ADA, BNB and ETH – 12/05/19

Binance Coin bucked the trend with a slide last week, as Ethereum takes charge. Are we in for another crypto surge?
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Cardano’s ADA

Cardano’s ADA gained 6.25% in the week ending 11th May. Reversing a 2.93% loss from the previous week, Cardano’s ADA ended the week at $0.07432.

Bearish through much of the week, Cardano’s ADA fell to an intraweek low $0.05790 on Friday. The pullback saw Cardano’s ADA fall through the first major support level at $0.0642. The second major support level at $0.0585 limited the downside in the week.

A bullish Saturday reversed the week’s losses, with Cardano’s ADA rallying to an intraweek high $0.08254.

Finding support from the broader market, Cardano’s ADA broke through the first major resistance level at $0.0771. A late pullback on Saturday saw Cardano’s ADA ease back through the first major resistance level at the day’s end.

For the week ahead

A hold above $0.0720 levels would support further upside for Cardano’s ADA in the week ahead. A move back through to $0.080 levels would bring the first major resistance level at $0.0853 into play.

Support from the broader market would be needed, however, for Cardano’s ADA to breakout from $0.085 levels.

Barring a crypto rally, Cardano’s ADA will likely fall short of $0.090 levels. In the event of another rally, Cardano’s ADA will likely test the second major resistance level at $0.0962 before any pullback.

Failure to hold above $0.0720 levels could see Cardano’s ADA resume its run of weekly losses. A fall back through to $0.065 levels would bring the first major support level at $0.06060 into play.

Barring a crypto meltdown, Cardano’s ADA will likely steer clear of sub-$0.060 levels in the week.

At the time of writing, Cardano’s ADA was up by 1.27% to $0.075255.

Binance Coin

BNB tumbled by 12.6% in the week ending 11th May. Reversing a 4.68% gain from the previous week, Binance Coin ended the week at $20.92.

A particularly bearish start to the week saw Binance Coin slide from $24 levels to an intraweek low $17.8 on Saturday.

The reversal saw Binance Coin slide through the first major support level at $21.66 and second major support level at $19.37.

Of greater significance was a fall through the 23.6% FIB of $21.36. Support at the 38.2% FIB of $18.08 ultimately prevented heavier losses in the week.

Bouncing back on Saturday, supported by the broader market, Binance Coin struck an intraweek high $24.55 before easing back.

The rally saw Binance Coin break back through the 38.2% FIB and 23.6% FIB before the late Saturday pullback.

For the week ahead

A hold onto $21 levels through the early part of the week would provide some much-needed support for the week ahead.

Sentiment towards Binance Coin will need to materially shift, however, for Binance Coin to break through the first major resistance level at $24.38.

Barring a broad-based crypto rally, Binance would likely come up short of the second major resistance level at $27.83. A 3rd May swing hi $26.67 would likely cap any upside through the week.

Failure to hold onto $21 levels could see Binance coin hit take another weekly hit. A pullback through to sub-$20 levels would bring the first major support level at $17.63 into play.

Barring a crypto meltdown, however, Binance Coin would likely steer clear of sub-$17 levels in the week.

At the time of writing, Binance Coin was up by 1.08% to $21.15.

Ethereum

Ethereum rallied by 18.9% in the week ending 11th May. Following on from a 3.93% gain from the previous week, Ethereum ended the week at $192.52.

Bullish through most of the week, Ethereum rallied from a Sunday intraweek low $157.28 to a Saturday intraweek high $207.

Steering clear of the major support levels, Ethereum broke through the major resistance levels before a late Saturday pullback.

The late pullback saw Ethereum fall back through the third major resistance level at $200.87.

For the week ahead

A move back through last weeks high $207 would support a run at the first major resistance level at $213.92.

Ethereum would need support from the broader market, however, to break out from $213 levels to take a run at $220 levels later in the week.

Barring another broad-based crypto rally, Ethereum would likely come up short of the second major resistance level at $235.32.

Failure to move back through last weeks high $207 could see Ethereum give up some of the previous week’s gains.

A fall through to $185 levels could bring $170 levels into play before any recovery. Barring a crypto meltdown, however, Ethereum will likely avoid sub-$180 levels and the first weekly support level at $164.20.

At the time of writing, Ethereum was by 2.93% to $197.97.

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