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BTC, ETH, XRP, ADA and XLM Price Analysis for May 7

Price Predictions
Fri, 05/07/2021 - 16:14
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Denys Serhiichuk
Which cryptocurrency is likely to recover faster after yesterday's correction?
BTC, ETH, XRP, ADA and XLM Price Analysis for May 7
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 remains slight bearish as not all coins have recovered after the recent correction.

Top 10 coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Despite the sharp decline yesterday, by the end of the day, bulls have managed to restore their positions.

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

On the daily chart, Bitcoin (BTC) is looking bullish as it has firmly fixed above the $57,000 mark. At the moment, most of the liquidity is focused, which means that buyers are likely to accumulate power before the upcoming growth.

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In this case, one may expect a retest of the crucial resistance at $60,000 soon.

Bitcoin is trading at $57,398 at press time.

ETH/USD

Ethereum (ETH) is even more bearish than Bitcoin (BTC), as the rate of the leading altcoin has gone down by 1% since yesterday.

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

Even though Ethereum (ETH) is trading around its peaks, it remains bullish as there are no fixations so far. This is confirmed by low trading volumes. All in all, the rise might continue until ETH reaches another level at $3,800.

Ethereum is trading at $3,548 at press time.

XRP/USD

XRP has been influenced more by the last dump as its price has declined by 4% over the last 24 hours.

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

Despite the deep correction, XRP remains trading above the vital level of $1.60, which means that bulls continue controlling the situation. At the moment, the coin is located in the sideways trend, accumulating power for a possible restest of the area around $1.80.

XRP is trading at $1.6237 at press time.

ADA/USD

Cardano (ADA) is an exception to the rule as its rate has increased by 5% since yesterday.

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

Cardano (ADA) is trading similarly to Ethereum (ETH), as it keeps rising at the peak. The buying trading volume keeps rising, which means that bulls have accumulated enough power to continue the growth. That is why there are big chances of seeing ADA at $1.80 shortly.

ADA is trading at $1.70 at press time.

XLM/USD

Stellar (XLM) has risen as well, but with a lower growth rate. The rise is by 2.9%.

XLM/USD chart by TradingView
XLM/USD chart by TradingView

Stellar (XLM) is neither bearish nor bullish in the mid-term scenario. The coin is trading above the level of $0.60; however, it has not gathered enough power for a continued rise. In this case, the range of $0.65-$0.70 is the more likely price action.

XLM is trading at $0.64 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.