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BTC, ADA, BNB and DOGE Price Analysis for May 20

Price Predictions
Thu, 05/20/2021 - 16:15
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Denys Serhiichuk
Is the current bounceoff a prerequisite for future growth?
BTC, ADA, BNB and DOGE Price Analysis for May 20
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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After the drop of the whole market, all of the top 10 coins have bounced off their support level. As a result, all of them have come back to the green zone.

 Top coins by CoinMarketCap
 Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has touched the support at $30,000, followed by a bounceoff by 13%.

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

On the daily chart, Bitcoin (BTC) has fixed above $40,000. However, the rise is not supported by a high buying trading volume. From the technical point of view, growth may continue to the next resistance at $45,700.

Related
BTC, ETH, XRP, ADA and BNB Price Analysis for May 19

In terms of the long-term scenario, it is too early to think about a return to $50,000 or setting new peaks as bearish influence remains high. In this case, the more likely price action is consolidation in the range between $38,000 and $42,000.

Bitcoin is trading at $41,852 at press time.

ADA/USD

Cardano (ADA) has gained more than Bitcoin (BTC) as it has grown by 15% since yesterday.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Cardano (ADA) has almost recovered after yesterday's drop. As is the case with Bitcoin (BTC), the buying trading volume is not high, which means that one more decline may happen. In this regard, the drop may lead to the retest of the support at the $1.43 mark. Such a scenario is relevant for the upcoming days.

Cardano is trading at $1.86 at press time.

BNB/USD

Binance Coin (BNB) has gained less than Cardano (ADA), with growth of 9%.

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

Binance Coin (BNB) still has growth potential on the daily chart. The trading volume is increasing, which means that there are chances to get to the resistance level of $509 within a few days.

BNB is trading at $400 at press time.

DOGE/USD

DOGE has gained the least today as the price has gone up by only 2%.

DOGE/USD chart by TradingView
DOGE/USD chart by TradingView

DOGE is trading similarly to Binance Coin (BNB). On the daily time frame, the ongoing rise may continue until the coin touches the mirror level at $0.45, where bears may again seize the initiative.

DOGE is trading at $0.41 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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.