Crypto Price Analysis June-07: ETH, XRP, ADA, SOL, and HYPE
This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.
Ethereum (ETH)
Ethereum had another flat week in terms of price action, ending it with a minor loss of 1%. The price has been moving sideways since early May, holding just above the key support at $2,400.
This long consolidation could signal some indecision from market participants, but it can also be the precursor of a major move later on. The recent re-test of the key support could be a sign of weakness, and another drop to that level could lead to a breakdown.
ETH had a fantastic performance in April, but its momentum suddenly stopped in May and June. Volume is declining, and this could give sellers an opportunity to push the price back towards $2,000 if $2,400 falls.
Ripple (XRP)
XRP closed the week with a modest 2% gain. This comes after the price nearly touched the $2 support level. Ideally, buyers return here to take this cryptocurrency back to $2.3, which is currently acting as a resistance.
Similarly to Ethereum, volume has been declining since the start of the year. This explains the low volatility and lack of strength to sustain a rally that can see XRP revisit $3, as in January.
Looking ahead, the momentum indicators are turning flat and give no clear direction, considering the price has been bouncing between $2 and $2.6 for over three months. Until XRP breaks away from this range, don’t expect any major changes.
Cardano (ADA)
ADA has had a disappointing year so far. Since January, its price has fallen by over 40% from its highs around $1. While the asset found good support at $0.64, buyers failed to move it much beyond this level at the time of this post. This is why the price is similar to last week.
Ideally, ADA will hold above $0.64 and make its way towards $0.90, which is the most important resistance on the chart. However, if the overall market remains undecided or turns bearish, it is unlikely ADA can sustain an uptrend.
Looking ahead, Cardano appears to have found a local bottom at $0.64, but this still appears fragile. Bulls really need to break above $0.90 to restore confidence in a sustained rally.
Solana (SOL)
Solana suffered a major defeat this week when its price fell below the support at $152. At the time of this post, buyers are trying to reclaim this level, but it is too early to call it. SOL also closed the week with a 2% loss.
The next few days are critical for this cryptocurrency because bulls are on the defensive, and any weakness could see sellers take SOL towards $130 next. If so, the current downtrend will be reinforced.
Solana may fall to $130 or even $100 if the price action does not turn around soon. The odds are against it, considering the 3-day MACD did a bearish cross on Friday. This is a major bearish signal.
Hype (HYPE)
HYPE closed the week with a 7% gain, which makes it the best performer on our list. This comes after HYPE was listed on several major exchanges such as Binance, Bybit, and OKX.
While this news was bullish in the short term, the price action seems to show the opposite. Based on the weekly candles, we can see that HYPE appears to have topped around $40 and is making lower highs since then. This could be the start of a longer consolidation or pullback around $30.
Looking ahead, HYPE remains a very competitive coin that has reached the top 10 altcoins by market capitalization if we exclude stablecoins. This is an impressive achievement, but also shows that exponential growth from here on will be more difficult, considering its $11 billion market cap.
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