BTC, ETH, XRP, ADA and BNB Price Analysis for May 14
The sharp bounceback has been changed by a further drop as all the top 10 coins are in the red zone.
Bitcoin (BTC) is falling, falling nearly 5% in the past 24 hours.
On the daily chart, Bitcoin (BTC) failed to top $30,000 for a long time, meaning it’s too early to consider a trend reversal. In this case, if the sales volume increases and the price stays below $29,000, there is a good chance to see the test of the recently formed local low at $25,400.
Bitcoin is trading at $28,815 at the time of writing.
Ethereum (ETH) has lost even more than Bitcoin (BTC) with a drop of 5.73%.
Ethereum (ETH) is trading below the vital level of USD 2,160. If buyers can’t seize the initiative and bring the rate back to the $2,000-$2,120 zone, the ongoing decline could continue toward the $1,900 mark. The low trading volume thus confirms the weakness of buyers.
Ethereum is trading at $1,975 at the time of printing.
XRP is no exception to the rule and is down nearly 10%.
XRP made a false breakout of $0.45 against the increased trading volume. At this point, one should pay close attention to the recently formed USD 0.3644 level. If the price moves back there, it could fall below $0.35 next week.
XRP is trading at $0.4037 at the time of writing.
Cardano (ADA) is the biggest loser of the list today with a drop of 12.88%.
From a technical standpoint, Cardano (ADA) is trading similarly to XRP as the coin was unable to break above $0.60. Currently, there are no conditions for a near-term gain, and the daily close below USD 0.50 could trigger a downward move.
ADA is trading at $0.4955 at the time of writing.
Binance Coin (BNB) has followed the decline of other coins and lost 10% of its price since yesterday.
Binance Coin (BNB) was unable to sustain the gains after yesterday’s bullish candle followed by the false breach of the USD 300. Currently, the closest zone is around $240, which is significant for bulls in terms of a potential rise. However, if the decline continues, there is a chance to see the $200 test by the end of the month.
BNB is trading at $274.7 at the time of writing.