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BTC, ETH, XRP, ADA, BNB and LUNA Price Analysis for May 9

Price Analysis
Mon, 05/09/2022 - 15:58
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Denys Serhiichuk
Can one expect a market reversal soon?
BTC, ETH, XRP, ADA, BNB and LUNA Price Analysis for May 9
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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Bears have started the new week with continued pressure as the rates of most of the coins are going down.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is falling by 4.40% over the last 24 hours.

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

Bitcoin (BTC) has tested the $32,950 mark, which corresponds to the support level of the wide channel. If bulls cannot seize the initiative by the end of the day and the candle closes below $33,000, a sharp drop may continue to $30,000 shortly.

Bitcoin is trading at $32,985 at press time.

ETH/USD

Ethereum (ETH) has faced a greater decrease than Bitcoin (BTC), going down by almost 5%.

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

Analyzing the daily chart of Ethereum (ETH), the price is about to reach the support level at $2,300. If buyers can hold it, one can expect a short-term bounceback. However, if a breakout takes place, the downward move might lead to a decrease to $2,000.

Ethereum is trading at $2,402 at press time.

XRP/USD

XRP has lost more than Ethereum (ETH) as its rate has declined by more than 7%.

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

XRP has already broken the support level at $0.5461 on the daily chart. If buyers cannot return the price above it by the end of the day, the drop may continue to the test of the $0.50 mark soon.

XRP is trading at $0.5327 at press time.

BNB/USD

Binance Coin (BNB) is no exception to the rule, falling by 8.57%.

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

From the technical point of view, Binance Coin (BNB) is trading similarly to XRP as the price has also crossed the support level at $336. In this case, the more likely scenario is a further decrease to the important mark of $300 within the next few days.

BNB is trading at $327.8 at press time.

ADA/USD

Cardano (ADA) is the biggest loser from the list today, declining by almost 11% over the last 24 hours.

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

Cardano (ADA) is trading below the crucial mark of $0.6856. The fall is accompanied by an increased selling trading volume, which means that the drop may continue. Respectively, the ongoing bearish trend may lead to the test of the $0.50 level shortly.

ADA is trading at $0.6646 at press time.

LUNA/USD

LUNA is trading similar to Cardano (ADA), going down by 10.61%.

LUNA/USD chart by TradingView
LUNA/USD chart by TradingView

LUNA is following other coins from the list, falling after the breakout of the 61 level. If sellers' pressure continues and the candle closes near the zone of $50, buyers have the chance to seize the initiative around the support at $45.

LUNA is trading at $58.10 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.