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BTC, ETH, XRP, ADA and BNB Price Analysis for May 20

Price Analysis
Fri, 05/20/2022 - 15:49
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Denys Serhiichuk
Is the market ready to form a reversal pattern?
BTC, ETH, XRP, ADA and BNB Price Analysis for May 20
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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Bulls have turned out to be more powerful than bulls again as the rates of most of the coins are going down.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is going down, falling by almost 2% since yesterday.

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

Bulls could not continue the growth after yesterday's bullish candle, which means that it is too early to think about a market correction. If the pressure continues and the rate approaches the $29,000 mark, there is a good chance of seeing a drop to $28,500 by the end of the week.

Bitcoin is trading at $29,182 at press time.

ETH/USD

Ethereum (ETH) is less bearish than Bitcoin (BTC) as the fall has made up 1%.

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

On the daily chart, Ethereum (ETH) has made a false breakout of the $2,000 mark against the declining selling volume. If buyers cannot seize the initiative and return the rate above the mentioned level, traders can expect a sharp drop to the zone of $1,850 soon.

Ethereum is trading at $1,958 at press time.

XRP/USD

XRP has lost the least from the list today with a fall of less than 1%.

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

Even though the rate of XRP is almost unchanged since yesterday, the price is approaching the important mark at $0.40, which is crucial for bulls to hold. If they fail to do that, the further drop may lead to the test of the area of $0.37-$0.38 within the next few days.

XRP is trading at $0.4126 at press time.

BNB/USD

Binance Coin (BNB) is not an exception to the rule, falling by 2.10%.

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

Binance Coin (BNB) has also lost its crucial level at $300. The selling volume remains high, confirming that bears are not ready to give up. In this case, there is a high possibility to see the test of the $280 level shortly.

BNB is trading at $299 at press time.

ADA/USD

Cardano (ADA) is following the drop of BNB, declining by 4.53%.

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

Cardano (ADA) could not even test the $0.55 level and is now on the way to $0.50. If buyers cannot save this level, the fall may lead to the test of the zone around $0.45 by the end of the month.

ADA is trading at $0.51 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.