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BTC, ETH, BNB and 1inch Price Analysis for May 6

Price Predictions
Thu, 05/06/2021 - 16:13
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Denys Serhiichuk
When can Bitcoin (BTC) keep up with the sharp growth of altcoins?
BTC, ETH, BNB and 1inch 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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The cryptocurrency market keeps rising; however, not all coins are in the green zone. Binance Coin (BNB), DOGE and Litecoin (LTC) are under bearish influence today.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) keeps rising slower than most of the altcoins as the rate of the chief crypto has increased by only 2% since yesterday.

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

Even though the price of Bitcoin (BTC) has not risen so much today, the long-term potential remains bullish. The selling trading volume keeps going down which means that fewer bears are on the market at the moment.

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BTC, ETH, XRP, ADA and BNB Price Analysis for May 5

In this case, there are chances to expect the price of BTC at the resistance at $60,000 shortly.

Bitcoin is trading at $57,342 at press time.

ETH/USD

Ethereum (ETH) is growing faster than Bitcoin (BTC) as the rise over the last day is 6.77%.

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

The growth might not have ended yet as Ethereum (ETH) keeps rising higher after a false breakout of the 50% Fibonacci retracement. Respectively, the next target at which bears might seize the initiative is the 61.8% level, which refers to the $4,100 mark.

Ethereum is trading at $3,560 at press time.

BNB/USD

The rate of Binance Coin (BNB) has remained the same since yesterday. The price change has constituted -0.73%.

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

Binance Coin (BNB) keeps looking bullish as it remains above the vital level of $638. The selling volume is low, which means that buyers continue dominating. That is why bulls might get back the rate of the native exchange coin to the resistance at $680 within the next few days.

BNB is trading at $640.28 at press time.

1inch/USD

1inch is the top gainer today as the rate of the coin has blasted by more than 20%.

1inch/USD chart by TradingView
1inch/USD chart by TradingView

Even though the growth may not have finished yet, traders may expect a short-term correction to the mirror level at $6.65. Such a move could be considered to be gathering liquidity for a future rise.

1inch is trading at $7.03 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.