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

Price Predictions
Sun, 05/09/2021 - 17:21
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Denys Serhiichuk
Can Bitcoin (BTC) start rising faster than the altcoins?
BTC, ETH, XRP and ADA 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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By the end of the week, the market is mostly red as the majority of the top 10 coins are under bearish influence. The biggest loser is DOGE, whose rate has gone down by 30 percent.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has also declined since yesterday, its rate decreasing by 3%.

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

Despite the price drop, the mid-term picture remains bullish until bulls keep the rate of the main crypto above $57,000. Thus, the selling trading volume is low, which means that there are not a lot of bears who want to sell by the current prices. In this case, there is a high possibility of seeing BTC at $60,000 next week.

Bitcoin is trading at $57,180 at press time.

ETH/USD

Ethereum (ETH) is more bullish than Bitcoin (BTC) as its price has increased by 5% since yesterday.

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

Although Ethereum (ETH) remains bullish, one might expect a possible decline to the mirror level at $3,610. Such a move may be considered to be gaining power for future growth to $4,000 and above.

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Thus, the selling volume is low, considering that bears have not started fixing their positions yet.

Ethereum is trading at $3,828 at press time.

XRP/USD

XRP is the main loser today as its rate has gone down by 5% over the previous 24 hours.

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

XRP is also looking more bullish than bearish as bulls have kept the rate of the altcoin trading above the $1.50 mark. There have been no big fixations, which means that buyers may return the rate to the nearest resistance at $1.62 shortly.

XRP is trading at $1.50 at press time.

ADA/USD

Cardano (ADA) is the biggest gainer today as its rate has rocketed by 12%.

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

Even though the rise may continue in the long-term scenario, the short term decline to the area of $1.60 is possible. Such a move is supported by decreasing buying trading volume.

ADA is trading at $1.81 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.