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BTC, ETH, BNB, DOGE and ADA Price Analysis for May 22

Price Predictions
Sat, 05/22/2021 - 15:01
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Denys Serhiichuk
Is the correction wave on the cryptocurrency market coming to an end?
BTC, ETH, BNB, DOGE and ADA Price Analysis for May 22
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 continued bearish mood on the market as all top 10 coins are again in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has again lost the least, with a decline of 6%.

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

Despite the decline, bulls have bounced off the support at $34,000, having confirmed the power of bulls. The selling volume is reduced slightly, which means that buyers can try to touch the resistance at $42,100. Such a price action is relevant for the next week.

Bitcoin is trading at $38,340 at press time.

ETH/USD

Ethereum (ETH) has also started the weekend with a price drop, as the decrease has accounted for 9%.

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

As is the case with Bitcoin (BTC), the decline might be another correction, followed by future growth. The selling trading volume has gone down, which means that bears are running out of power. Respectively, bulls have all the chances to seize the initiative and return the rate of the chief altcoin to the vital mark of $3,000 soon.

Ethereum is trading at $2,423 at press time.

BNB/USD

The drop of the native exchange coin over the last 24 hours is by 13%.

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

However, from the mid-term projection, the price has bounced off the support four times, which means that bulls are ready to keep fighting for this level. Moreover, the selling volume keeps decreasing and strengthening the positions of buyers.

Related
BTC, ETH, XRP and ADA Price Analysis for May 21

If the situation continues and bulls can keep Binance Coin (BNB) trading above $300, the mirror level at $480 may be tested by the end of the next week.

Binance Coin is trading at $327 at press time.

ADA/USD

Cardano (ADA) has not shown such a deep crop as Binance Coin (BNB) as the altcoin has lost 6% from its price share since yesterday.

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

Despite the price loss, Cardano (ADA) is showing a bounceback. However, the trading volume remains low. From the technical point of view, the ongoing rise may continue until the coin reaches the resistance at $1.66 on the 4H chart—where bears might seize the short-term initiative.

ADA is trading at $1.601 at press time.

DOGE/USD

DOGE is more of a loser than Cardano (ADA), as the price has gone down by 9%.

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

On the daily chart, DOGE is trading similarly to Cardano (ADA), as the altcoin has bounced off the MA 50 and continues its rise. Until bulls can keep DOGE above the MA 50, the long-term scenario remains bullish. All in all, the next target at which buyers may face problems is the resistance at $0.45.

DOGE is trading at $0.3560 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.