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BTC, ADA and BNB Price Analysis for May 6

Price Analysis
Fri, 05/06/2022 - 16:04
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Denys Serhiichuk
Have the coins gone down enough for a bounceback?
BTC, ADA and BNB Price Analysis for May 6
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls could not resist the bears' pressure, and most of the coins keep going down today.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is the biggest loser today, falling by almost 6% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) has broken the $37,700 level on the daily chart. Until the price is below this mark, bears keep controlling the situation on the market.

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BTC, LUNA and AVAX Price Analysis for May 4

In this case, the more likely scenario is a further drop to the support level at $32,871. Thus, the increased selling volume confirms the continued downward move.

Bitcoin is trading at $36,238 at press time.

ADA/USD

Cardano (ADA) could not withstand the fall of Bitcoin (BTC), declining by 5%.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the daily chart, Cardano (ADA) is trading close to the support level at $0.6856. The possible fall is also accompanied by the rising selling volume. However, if buyers can come back above the $0.80 mark, the rise may continue to the zone of $0.85.

ADA is trading at $0.7931 at press time.

BNB/USD

Binance Coin (BNB) has fallen the least from the list today, going down by 3.70%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Binance Coin (BNB) remains trading in a wide channel between the support at $336 and the resistance at $455. At the moment, neither bulls nor bears control the situation on the market; however, if buyers can return the rate to the vital $400 mark, buyers have a chance to seize the initiative.

BNB is trading at $381.90 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.