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BTC, ETH, XRP and ADA Price Analysis for May 21

Price Predictions
Fri, 05/21/2021 - 17:00
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Denys Serhiichuk
Was yesterday's bounceback a reason for a deeper correction of the market?
BTC, ETH, XRP and ADA Price Analysis for May 21
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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By the end of the week, the cryptocurrency market has come back to the correction zone as all coins from the top 10 list are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has fallen the least today with a decline of 9.50%.

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

Yesterday's growth was just a correction after a sharp dump as bulls could not seize the initiative. The weakness of buyers is also confirmed by a low trading volume, which means that they are not ready to come back to the area around $50,000.

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BTC, ADA, BNB and DOGE Price Analysis for May 20

Moreover, the price is located below the MA 200, and there are high chances of seeing another wave of decline to the zone of $32,000.

Bitcoin is trading at $37,000 at press time.

ETH/USD

Ethereum (ETH) is looser than Bitcoin (BTC) with a price decrease of 10%.

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

Ethereum (ETH) is following Bitcoin (BTC) as a short-term decline is the more likely scenario for the leading altcoin. If bulls lose the $2,400 mark, the next level where a bounceback is possible is the support area of $2,040.

Ethereum is trading at $2,470 at press time.

XRP/USD

XRP might also continue its fall with a drop of 15% over the last 24 hours.

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

Bulls have bounced off the support at $0.915. They could not, however, fix above the $1.20 that supports bears' power. If buyers cannot return to the zone above $1.20 soon, the support at $0.915 may be attained within the upcoming days.

XRP is trading at $1.0186 at press time.

ADA/USD

Cardano (ADA) is the biggest loser from our list today as the price has dropped by 17%.

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

According to the chart, Cardano (ADA) is trading similarly to XRP, making a false breakout of the $1.76 zone. Even though the selling trading volume remains low, the historical level of $1.33 may be achieved shortly as bulls are running out of power.

ADA is trading at $1.522 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.