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BTC, ADA and BNB Price Analysis for May 6

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Fri, 6/05/2022 - 16:04
BTC, ADA and BNB Price Analysis for May 6
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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

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Top coins by CoinMarketCap

BTC/USD

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

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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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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%.

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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%.

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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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