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BTC, ETH, XRP and BNB Price Analysis for May 8

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Mon, 8/05/2023 - 16:20
BTC, ETH, XRP and BNB Price Analysis for May 8
Cover image via www.tradingview.com

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Bears have become active again as the rates of most of the coins are falling.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has fallen by 4% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the daily chart, the price of Bitcoin (BTC) has continued to fall after yesterday's bearish daily closure. At the moment, the rate is on its way to testing the support level at $27,045.

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If the breakout of it happens, there is a high chance of seeing a further drop to the $25,000-$26,000 zone shortly.

Bitcoin is trading at $27,940 at press time.

ETH/USD

Ethereum (ETH) is less of a loser than Bitcoin (BTC), going down by 3.58%.

ETH/USD chart by TradingView

Image by TradingView

Ethereum (ETH) is looking better than Bitcoin (BTC) from the technical point of view on the daily time frame even though the bears' pressure remains relevant. If the drop continues to the interim mark of $1,800, the accumulated energy can be enough for a blast to $1,650-$1,700.

Ethereum is trading at $1,868 at press time.

XRP/USD

The rate of XRP has declined by 5.39% since yesterday.

XRP/USD chart by TradingView

Image by TradingView

The price of XRP is trading near the support level at $0.4333. At the moment, traders should focus on the daily closure. If a false breakout happens, the bounce back may continue to the $0.44-$0.45 zone.

XRP is trading at $0.4350 at press time.

BNB/USD

Binance Coin (BNB) is not an exception to the rule, falling by 2.57%.

BNB/USD chart byTradingView

Image by TradingView

On the daily time frame, the rate of Binance Coin (BNB) has once again tested the support level at $315.3. If the bar closes far from it, the correction may lead to growth to the $320 zone within the next few days.

BNB is trading at $317.9 at press time.

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