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BTC, ETH, XRP, ADA and BNB Price Analysis for May 14

Price Analysis
Sat, 05/14/2022 - 15:20
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Denys Serhiichuk
How long is the cryptocurrency market going to stay bearish?
BTC, ETH, XRP, ADA and BNB Price Analysis for May 14
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 sharp bounceback has been changed by a further drop as all of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is going down, falling by almost 5% over the last 24 hours.

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

On the daily chart, Bitcoin (BTC) could not fix above $30,000 for a long time, which means that it is too early to consider a trend reversal. In this case, if the selling volume increases and the price remains below the $29,000 mark, there is a high chance to see the test of the recently formed local low at $25,400.

Bitcoin is trading at $28,815 at press time.

ETH/USD

Ethereum (ETH) has lost even more than Bitcoin (BTC) with a decline of 5.73%.

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

Ethereum (ETH) is trading below the vital level of $2,160. If buyers cannot seize the initiative and return the rate to the zone of $2,000-$2,120, the ongoing drop may continue to the $1,900 mark. Thus, the low trading volume confirms buyers' weakness.

Ethereum is trading at $1,975 at press time.

XRP/USD

XRP is not an exception to the rule, going down by almost 10%.

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

XRP made a false breakout of the $0.45 mark against the increased trading volume. At the moment, one needs to pay close attention to the recently formed level at $0.3644. If the price returns to it, the drop may continue below $0.35 next week.

XRP is trading at $0.4037 at press time.

ADA/USD

Cardano (ADA) is the biggest loser from the list today with a decline of 12.88%.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

From the technical point of view, Cardano (ADA) is trading similarly to XRP, as the coin could not fix above the $0.60 mark. Currently, there are no prerequisites for a short-term rise, and the daliy closure below $0.50 can prompt a downward move.

ADA is trading at $0.4955 at press time.

BNB/USD

Binance Coin (BNB) has followed the drop of other coins, losing 10% of its price since yesterday.

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

Binance Coin (BNB) could not keep the rise after yesterday's bullish candle, followed by the false breakout of the $300 mark. Currently, the nearest zone is around $240, which is important for bulls in terms of a possible rise. However, if the decline continues, there is a probability of seeing the test of $200 by the end of the month.

BNB is trading at $274.7 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.