August 5, 2021

Newspay

Bitcoin & Ethereum Blockchain News

BTC, ETH, XRP and ADA Price Analysis for May 21

By the end of the week, the cryptocurrency market has come back to the correction zone as all coins from the top 10 list are in the red zone.

Source: u.today

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has fallen the least today with a decline of 9.50%.

BTC/USD chart by TradingView

Yesterday’s growth was just a correction after a sharp dump as bulls could not seize the initiative. The weakness of buyers is also confirmed by a low trading volume, which means that they are not ready to come back to the area around $50,000.

Moreover, the price is located below the MA 200, and there are high chances of seeing another wave of decline to the zone of $32,000.

Bitcoin is trading at $37,000 at press time.

ETH/USD

Ethereum (ETH) is looser than Bitcoin (BTC) with a price decrease of 10%.

ETH/USD chart by TradingView

Ethereum (ETH) is following Bitcoin (BTC) as a short-term decline is the more likely scenario for the leading altcoin. If bulls lose the $2,400 mark, the next level where a bounceback is possible is the support area of $2,040.

Ethereum is trading at $2,470 at press time.

XRP/USD

XRP might also continue its fall with a drop of 15% over the last 24 hours.

XRP/USD chart by TradingView

Bulls have bounced off the support at $0.915. They could not, however, fix above the $1.20 that supports bears’ power. If buyers cannot return to the zone above $1.20 soon, the support at $0.915 may be attained within the upcoming days.

XRP is trading at $1.0186 at press time.

ADA/USD

Cardano (ADA) is the biggest loser from our list today as the price has dropped by 17%.

ADA/USD chart by TradingView

According to the chart, Cardano (ADA) is trading similarly to XRP, making a false breakout of the $1.76 zone. Even though the selling trading volume remains low, the historical level of $1.33 may be achieved shortly as bulls are running out of power.

ADA is trading at $1.522 at press time.