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BTC, ETH, XRP and DOGE Price Analysis for May 12

Price Predictions
Wed, 05/12/2021 - 16:10
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Denys Serhiichuk
Are the coins from the top 10 list ready to keep the growth growing?
BTC, ETH, XRP and DOGE Price Analysis for May 12
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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Despite the fact that the majority of the top 10 coins are in the green zone, there are a few exceptions to the rule. DOGE and Internet Computer (ICP) are under bearish influence.

Top coins by CoinMarketCap
Top coins by CoinMarketCap


BTC/USD

Bitcoin (BTC) has finally gotten out of the correction phase as its rate has increased by almost 2% over the last day.

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

On the 4H chart, Bitcoin (BTC) is trading sideways; however, the short-term scenario is more bearish than bullish. A possible drop is confirmed by increasing selling trading volume, which means that traders might expect a fall to $53,500 very soon.

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

But it does not mean that bears will seize the initiative in the long-term projection.

Bitcoin is trading at $55,620 at press time.

ETH/USD

Ethereum (ETH) has gained more than Bitcoin (BTC) as its price has increased by 4% and set a new peak at $4,400.

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


Even though the long-term picture of Ethereum (ETH) has not been broken, the drop to the mirror level at $3,960 may occur before continued growth. The trading volume is low, which means that buyers may not have fixed their positions yet. In this case, a further rise to $4,500 is possible in case of a bounceback from the support.

Ethereum is trading at $4,215 at press time.

XRP/USD

XRP could not show the same growth as Bitcoin (BTC) or Ethereum (ETH), and its rate has declined by 2%.

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


Despite the decline, XRP is trading above yesterday's minimum levels, which means that short-term growth is more likely than a drop. Thus, the selling trading volume remains low. All in all, the nearest resistance at $1.59 is the main target for bulls for the upcoming days.

XRP is trading at $1.42 at press time.

DOGE/USD

DOGE is the main loser today as its rate has gone down by more than 5% since yesterday.

DOGE/USD chart by TradingView
DOGE/USD chart by TradingView

DOGE is neither bullish nor bearish at the moment. However, the selling trading volume has decreased, which means that bulls might retest the resistance at $0.57 shortly.

DOGE is trading at $0.4747 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.