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

Price Predictions
Wed, 05/05/2021 - 18:05
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Denys Serhiichuk
Which coins can recover after yesterday's drop?
BTC, ETH, XRP, ADA and BNB Price Analysis for May 5
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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After a weekend correction, most of the coins are back in the green. Ethereum (ETH) is the only exception, having fallen 2 percent since yesterday.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has remained mostly flat since yesterday. The price change is +0.73%.

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

Despite yesterday's drop, the long-term picture remains bullish as bears have failed to gain footing below the $53,000 mark. In addition, the current bounce was accompanied by the increasing trading volume, which means that there is a high chance of seeing a retest of the resistance around $58,500 soon.

Bitcoin is trading at $56,017 at press time.

ETH/USD

Ethereum (ETH) is the only coin in the red today. The chief crypto has dropped by 2 percent. 

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

Ethereum (ETH) is looking more bullish than Bitcoin (BTC) even though it is in the red zone now. After a false breakout at $3,500, the bulls have won back the lost positions, currently consolidating around $3,350-$3,400.

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BTC, ETH, BNB and ADA Price Analysis for May 3

If Ethereum (ETH) keeps trading above this range, one might see a breakout and new peaks soon.

Ethereum is trading at $3,356 at press time.

XRP/USD

XRP has not followed Ethereum's short-term decline, having increased 8 percent.  

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

XRP has bounced off the support at $1.35, having confirmed the buyers' presence. From a technical point of view, there are chances to achieve the closest resistance at $1.66. However, one should not expect a fast breakout as the increase is not supported by high trading volume.

XRP is trading at $1.57 at press time.

ADA/USD

Cardano (ADA) is not an exception, increasing by over 6 percent over the past 24 hours.

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

Even though the coin has risen by 6 percent, the growth is not going to be finished as ADA has spent enough time in the accumulation phase. That is why the most likely scenario is the continued rise to the resistance at $1.55.

ADA is trading at $1.39 at press time.

BNB/USD

The growth of the native exchange coin of Binance isn't stopping as the price rise has gone up by 5 percent.

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

Binance Coin (BNB) is trading similarly to Cardano (ADA), with bulls coming back to the resistance zone after a slight drop. The trading volume is low, which means that buyers are accumulating power for a breakout of the peak around $700. In this case, the mark of $750 might be achieved within the nearest days.

BNB is trading at $650 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.