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BTC, ETH and XRP Price Analysis for May 7

Price Analysis
Sat, 05/07/2022 - 17:30
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Denys Serhiichuk
Can the market return to the bullish trend soon?
BTC, ETH and XRP Price Analysis for May 7
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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Most of the coins have continued their fall as they keep trading in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Even though the rates of most of the coins are going down, the price of Bitcoin (BTC) is rising by 0.36%.

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

Bitcoin (BTC) keeps going down after the breakout of the $37,700 level. At the moment, there is a high possibility to see a further price drop as there are no prerequisites for a reversal. In this case, one can expect the test of the zone around $33,000 next week.

Bitcoin is trading at $35,918 at press time.

ETH/USD

Ethereum (ETH) is looking worse than Bitcoin (BTC) with a decline of 0.36%.

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

Ethereum (ETH) is also going down after the breakout of the $2,774 level. If bulls cannot seize the initiative, the fall may continue to the area of $2,300-$2,400 soon.

Ethereum is trading at $2,674 at press time.

XRP/USD

XRP is the biggest loser from the list today, falling by 0.61%.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP is trading below the vital level at $0.60 against the increased trading volume. Currently, there is a good possibility of seeing the test of the support level at $0.5461 soon if buyers cannot get back in the game.

XRP is trading at $0.5949 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.