BTC, ETH, XRP, ADA, BNB and LUNA Price Analysis for May 9

Bears have started the new week with continued pressure as the rates of most of the coins are going down.

BTC/USD

Bitcoin (BTC) is falling by 4.40% over the last 24 hours.

Bitcoin (BTC) has tested the $32,950 mark, which corresponds to the support level of the wide channel. If bulls cannot seize the initiative by the end of the day and the candle closes below $33,000, a sharp drop may continue to $30,000 shortly.

Bitcoin is trading at $32,985 at press time.

ETH/USD

Ethereum (ETH) has faced a greater decrease than Bitcoin (BTC), going down by almost 5%.

Analyzing the daily chart of Ethereum (ETH), the price is about to reach the support level at $2,300. If buyers can hold it, one can expect a short-term bounceback. However, if a breakout takes place, the downward move might lead to a decrease to $2,000.

Ethereum is trading at $2,402 at press time.

XRP/USD

XRP has lost more than Ethereum (ETH) as its rate has declined by more than 7%.

XRP has already broken the support level at $0.5461 on the daily chart. If buyers cannot return the price above it by the end of the day, the drop may continue to the test of the $0.50 mark soon.

XRP is trading at $0.5327 at press time.

BNB/USD

Binance Coin (BNB) is no exception to the rule, falling by 8.57%.

From the technical point of view, Binance Coin (BNB) is trading similarly to XRP as the price has also crossed the support level at $336. In this case, the more likely scenario is a further decrease to the important mark of $300 within the next few days.

BNB is trading at $327.8 at press time.

ADA/USD

Cardano (ADA) is the biggest loser from the list today, declining by almost 11% over the last 24 hours.

Cardano (ADA) is trading below the crucial mark of $0.6856. The fall is accompanied by an increased selling trading volume, which means that the drop may continue. Respectively, the ongoing bearish trend may lead to the test of the $0.50 level shortly.

ADA is trading at $0.6646 at press time.

LUNA/USD

LUNA is trading similar to Cardano (ADA), going down by 10.61%.

LUNA is following other coins from the list, falling after the breakout of the 61 level. If sellers’ pressure continues and the candle closes near the zone of $50, buyers have the chance to seize the initiative around the support at $45.

LUNA is trading at $58.10 at press time.