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BTC, ETH, XRP, ADA and BNB Price Analysis for May 19

Price Predictions
Wed, 05/19/2021 - 16:14
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Denys Serhiichuk
Was today's dump a prerequisite for continued growth?
BTC, ETH, XRP, ADA and BNB Price Analysis for May 19
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 market has faced a deep correction as all top 10 coins are located in the red zone. Bitcoin (BTC) has fallen the least among them, going down by 18% over the last 24 hours.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has dropped by 15% since yesterday, having touched the mark of $30,000.

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

Bitcoin (BTC) has tested the zone of $30,000 where most of the liquidity is focused. In addition, it crossed the MA 200 on the daily chart that confirms ongoing bearish pressure. However, one may expect a short-term bounceback from the current levels to the nearest resistance at $42,000 soon.

Related
BTC, ETH, XRP and LTC Price Analysis for May 18

But this does not mean that the bullish trend is about to come back as the selling trading volume remains high.

Bitcoin is trading at $36,900 at press time.

ETH/USD

Ethereum (ETH), as well as other altcoins, is more bearish than Bitcoin (BTC) as it has dropped by a whopping 21%.

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

Despite the sharp dump of Ethereum (ETH), the rate has successfully bounced off the levels around $2,000. From a technical point of view, the situation is similar to Bitcoin (BTC), as the bulls may seize the initiative now and return the rate of the chief altcoin to $3,000.

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

XRP/USD

The rate of XRP has fell down even deeper than that of Ethereum (ETH), with a drop of 24%.

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

The current dump might be viewed as gaining more liquidity for a future rise as the selling trading volume is even lower than the decline on April 17. In this case, the correction to the created level at $1.315 is the more likely scenario for the upcoming days.

XRP is trading at $1.248 at press time.

BNB/USD

Binance Coin (BNB) is the biggest loser today as the the native exchange coin has lost 30% of its price share since yesterday.

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

Binance Coin (BNB) is not an exception to the rule as it has also bounced off its support zone at $260. At the moment, BNB might keep growing as it is already oversold on the daily time frame. A rise to $480 may happen shortly.

Binance Coin is trading at $369 at press time.

ADA/USD

Cardano (ADA) has also been under bearish influence recently, and the drop over the last day has constituted 18%.

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

Cardano (ADA) has tested the MA 50 and almost reached the MA 200 on the daily chart. While the altcoin keeps trading above $1.33, the bullish scenario remains relevant. Regarding the short-term prediction, the retest of the resistance at $1.763 may occur within the next few days.

Cardano is trading at $1.64 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.