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BTC, ETH and BNB Price Analysis for May 8

Price Predictions
Sat, 05/08/2021 - 14:23
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Denys Serhiichuk
Can Bitcoin (BTC) surpass the growth of Ethereum (ETH) and Binance Coin (BNB) soon?
BTC, ETH and BNB Price Analysis for May 8
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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The weekend has begun with a neutral mood on the cryptocurrency market as some coins keep trading in the green zone, while others have already entered the correction phase.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) keeps trading in the green zone. Its rate has gone up by 3.82% over the last day.

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

Despite today's growth, Bitcoin (BTC) still looks bullish. However, it is too early to consider the setting of new peaks. The trading volume is low, which means that buyers might accumulate power for a future rise.

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BTC, ETH, XRP, ADA and XLM Price Analysis for May 7

In this regard, the main crypto might rise to the area of $60,400 where an unclosed gap is located.

Bitcoin is trading at $58,600 at press time.

ETH/USD

Ethereum (ETH) has shown less growth than Bitcoin (BTC) as the rate of the chief atlcoin has risen by 2% over the past 24 hours.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Even though Ethereum (ETH) has risen less than Bitcoin (BTC), it is looking more bullish in the mid-term scenario. After a false breakout of the $3,600 level, there was no deep decline, which means that buyers are ready to continue the rise. In addition, the selling trading volume is low. All in all, the leading altcoin may achieve the next peak at around $3,800 soon.

Ethereum is trading at $3,550 at press time.

BNB/USD

Binance Coin (BNB) has gained the least from the list as the rate of the native exchange coin has risen by 0.98%.

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

Binance Coin (BNB) is currently located in the sideways trend, gathering energy for a possible further rise. Such a statement is confirmed by low volatility and small trading volume. As the coin is still located in the bullish trend, the breakout of the resistance at $704 might lead to growth at the vital level of $800.

Binance Coin is trading at $632 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.