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BTC, ETH, XRP, and BNB Price Analysis for May 11

Price Predictions
Tue, 05/11/2021 - 16:47
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Denys Serhiichuk
What coins can recover after yesterday's market plunge?
BTC, ETH, XRP, and BNB Price Analysis for May 11
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 cryptocurrency market is still facing a correction, with most of the top 10 coins being in the red.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) remains in the red zone, falling by 2.61 percent over the last day.

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

Despite the drop, the long-term bullish formation has not been broken yet as the main crypto keeps trading above the $55,000 level. In addition, the selling volume remains low, which signals the lack of bears' power. That is why there is a chance to get to the resistance at $60,400 by the end of the week.

Bitcoin is trading at $56,110 at press time.

ETH/USD

Ethereum (ETH) is less bearish than Bitcoin (BTC), with the chief altcoin going down by 3 percent over the last day.

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

The expected drop means that bulls might have gained enough power for a future uptick. 

Related
BTC, ETH, XRP and LTC Price Analysis for May 10

Such a statement is supported by the increased buying trading volume. Summing up, the potential target of $4,400 can be attained within the nearest days.

Ethereum is trading at $4,057 at press time.

XRP/USD

XRP is the main loser today, with its price declining by 4 percent.

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

XRP is trading similarly to Ethereum (ETH), with a bullish move remaining more likely to happen than a further drop. The coin has successfully bounced off the support at $1.35, having confirmed the bulls' power. In this case, the chances to come back to $1.62 remains relevant.

XRP is trading at $1.47 at press time.

BNB/USD

Binance Coin (BNB) is the main gainer today as the rate of the native exchange coin has almost unchanged since yesterday.

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

The drop has not affected the plans to conquer the vital $800 mark. The volatility has reduced, which means that buyers are ready to break the level of $704 toward new peaks. Such a possible move is accompanied by low trading volume as well as low liquidity.

Binance Coin is trading at $662 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.