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

Coming off the back of a bearish end to a bullish week, the majors will need to find support to avoid a full reversal…
Cryptomania

Cardano’s ADA

Cardano’s ADA rose by 6.1% in the week ending 18th May. Following on from a 6.25% gain from the previous week, Cardano’s ADA ended the week at $0.07885.

After a bearish start to the week, Cardano’s ADA recovered from a Monday intraday week low $0.062608 to strike a Thursday intraweek high $0.101313.

Holding above the major support levels, Cardano’s ADA broke through the first major resistance level at $0.0853 and second major resistance level at $0.0962.

A sell-off from the week high led to 3 consecutive days in the red and a pullback to sub-$0.080 levels.

For the week ahead,

A move through to $0.0810 levels would be needed to shake off the negative bias from late last week.

Cardano’s ADA would need the support of the broader market, however, to take a run at $0.090 levels. In the event of another crypto rally, Cardano’s ADA would likely test the first major resistance level a $0.0992 before any pullback.

Barring another crypto breakout, last week’s high $0.101313 would likely limit the upside for the week to leave the second major resistance level at $0.1196 out of reach.

Failure to move through to $0.0810 levels could see Cardano’s ADA continue the reversal.  A fall through to $0.074 levels would bring $0.065 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Cardano’s ADA will likely steer clear of the first major support level at $0.0605.

At the time of writing, Cardano’s ADA was down by 0.01% to $0.078839.

Binance Coin

BNB rallied by 38.19% in the week ending 18th May. Reversing the previous week’s 12.6% slide with interest, Binance Coin ended the week at $28.84.

A bullish first half of the week saw Binance Coin rally from an intraweek low $19.15 to a Thursday high $28.95 before easing back.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $24.38 and second major resistance level at $27.83.

The pullback saw Binance Coin fall to $22 levels before a trend-bucking rally on Saturday. Binance Coin rallied to an intraweek high and new swing hi $30.07 before easing back to $28 levels.

Binance Coin managed to break back through and hold above the second major resistance level at $27.83.

Of greater significance through the week was Binance Coin’s move through the 38.2% FIB of $18.08 and breakout from the 23.6% FIB of $21.36 to reaffirm the near-term bullish trend, formed at early December’s swing lo $4.1724.

For the week ahead,

A hold above $27 levels through the early part of the week would support another bullish week ahead.

Binance Coin would need to move through to $29 levels to bring last week’s high $30.07s back into play.

Support from the broader market would be needed, however, for Binance Coin to break through the first major resistance level at $32.74.

Failure to hold above $27 levels could see Binance Coin give up some of last weeks gains. A pullback through to $25 levels would bring $23 levels into play before any recovery.

Barring a broad-based crypto sell-off, Binance Coin would likely steer clear of the first major support level at $22.05.

In the event of a sell-off, expect a visit to $20 levels before any recovery.

At the time of writing, Binance Coin was down by 1.31% to $28.46.

Ethereum

Ethereum surged by 21.52% in the week ending 18th May. Following on from an 18.9% rally from the previous week, Ethereum ended the week at $234.03.

After a bearish start to the week that saw Ethereum fall to an intraday week low $182.39, it was bullish through to a Thursday intraweek high $281.77.

Steering clear of the week’s major support levels, Ethereum broke through the first major resistance level at $213.92 and second major resistance level at $235.32.

Of greater significance was a break through the 23.6% FIB of $257 for the first time since last September.

A bearish end to the week saw Ethereum pullback through the 23.6% FIB to $222 levels before finding support.

For the week ahead,

A hold onto $230 levels through the early part of the week would support another run at the 23.6% FIB of $257.

Ethereum would need support from the broader market, however, to break out from $250 levels and take a run at the first major resistance level at $283.07.

Barring another broad-based crypto rally, last week’s high $281.77 would likely cap the upside on the week.

Failure to hold onto $230 levels could see Ethereum continue late last week’s reversal. A fall through to $210 levels would bring the $190 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Ethereum would likely steer clear of the first major support level at $183.69.

At the time of writing, Ethereum was down by 0.04% to $233.94.

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