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BTC, ETH, XRP, BNB and ADA Price Analysis for May 31

Wed, 05/31/2023 - 18:25
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Denys Serhiichuk
How long is market drop going to last?
BTC, ETH, XRP, BNB and ADA Price Analysis for May 31
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Most of the coins are back in the red zone, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

Top coins by CoinMarketCap


The rate of Bitcoin (BTC) has fallen by 2.13% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the daily chart, the rate of Bitcoin (BTC) has continued to fall after a failed attempt to fix above the $28,000 zone. At the moment, buyers are fighting to keep the price above $27,000. If they fail to do that, the drop may continue to the support at $25,800.

Bitcoin is trading at $26,955 at press time.


Ethereum (ETH) is less of a loser than Bitcoin (BTC), going down by 1.88%.

ETH/USD chart by TradingView

Image by TradingView

Despite today's decline, the rate of Ethereum (ETH) is far from the key levels, which means that sideways trading is the more likely scenario for the next days. However, if the bar closure happens below the $1,800 mark, nothing can stop bears on the way to the $1,700 area.

Ethereum is trading at $1,859 at press time.


XRP is today's exception to the rule, rising by almost 3%.

XRP/USD chart by TradingView

Image by TradingView

The rate of XRP is neither bullish nor bearish today as the altcoin has not accumulated enough power for a further sharp move. Currently, one should pay attention to the $0.4854 level. Until the rate is above that mark, buyers are supposed to be more powerful than sellers.

XRP is trading at $0.5090 at press time.


The rate of Binance Coin (BNB) has dropped by 1.83% since yesterday.

BNB/USD chart byTradingView

Image by TradingView

The price of BNB is falling after a false breakout of the resistance level at $316.7. If today's candle closes with no long wicks and near the vital mark of $300, the decline is likely to continue to the $290 zone shortly.

BNB is trading at $305.7 at press time.


Cardano (ADA) has followed the drop of BNB, declining by 0.79%.

ADA/USD chart by TradingView

Image by TradingView

Bears have seized the initiative on the daily time frame after buyers failed to fix above the $0.38 zone. If the situation does not change, traders can see the price of ADA in the range of $0.36-$0.3650 soon.

ADA is trading at $0.3728 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