BTC, ETH, XRP, ADA and BNB Price Analysis for May 5

Thursday 06 May 2021, 5:00 AM AEST - 1 month ago

BTC, ETH, XRP, ADA and BNB Price Analysis for May 5Cover image via www.tradingview.com

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After a weekend correction, most of the coins are back in the green. Ethereum (ETH) is the only exception, having fallen 2 percent since yesterday.

Top coins by CoinMarketCapBTC/USD

The price of Bitcoin (BTC) has remained mostly flat since yesterday. The price change is +0.73%.

BTC/USD chart by TradingView

Despite yesterday's drop, the long-term picture remains bullish as bears have failed to gain footing below the $53,000 mark. In addition, the current bounce was accompanied by the increasing trading volume, which means that there is a high chance of seeing a retest of the resistance around $58,500 soon.

Bitcoin is trading at $56,017 at press time.

ETH/USD

Ethereum (ETH) is the only coin in the red today. The chief crypto has dropped by 2 percent.

ETH/USD chart by TradingView

Ethereum (ETH) is looking more bullish than Bitcoin (BTC) even though it is in the red zone now. After a false breakout at $3,500, the bulls have won back the lost positions, currently consolidating around $3,350-$3,400.

If Ethereum (ETH) keeps trading above this range, one might see a breakout and new peaks soon.

Ethereum is trading at $3,356 at press time.

XRP/USD

XRP has not followed Ethereum's short-term decline, having increased 8 percent.

XRP/USD chart by TradingView

XRP has bounced off the support at $1.35, having confirmed the buyers' presence. From a technical point of view, there are chances to achieve the closest resistance at $1.66. However, one should not expect a fast breakout as the increase is not supported by high trading volume.

XRP is trading at $1.57 at p ...

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