BTC, ETH, XRP, BNB and ADA Price Analysis for May 11

Buyers could not hold the initiative for long, and almost all coins have returned to the red zone.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by 3.68% over the last 24 hours.

Image by TradingView

On the daily chart, Bitcoin (BTC) is on the way to the support level at $26,688. If the closure happens near it, traders can expect a sharp drop to the next vital zone around $25,000 as enough energy has been accumulated for a continued downward move.

Bitcoin is trading at $27,129 at press time.

ETH/USD

Ethereum (ETH) is more of a loser than Bitcoin (BTC) as its price has fallen by almost 4%.

Image by TradingView

The rate of Ethereum (ETH) could not bounce back from the support at $1,787. Currently, buyers are trying to keep the rate above the $1,800 zone. If they fail to do that, the breakout may lead to an ongoing decline to the $1,700 area.

Such a scenario is relevant until the end of the month.

Ethereum is trading at $1,802 at press time.

XRP/USD

XRP could not withstand the overall market pressure, going down by 2.56%.

Image by TradingView

The rate of XRP is also approaching the support level at $0.41011. If bulls lose that mark, one can expect a further drop to the $0.38-$0.39 zone. The bears’ power is also confirmed by the rising selling volume, which means there is a high possibility of seeing a continued correction.

XRP is trading at $0.4185 at press time.

BNB/USD

The price of Binance Coin (BNB) has dropped by 1.94% since yesterday.

Image by TradingView

The rate of Binance Coin (BNB) is about to close below yesterday’s low at $308, which is a bearish signal. If it occurs, the ongoing correction may continue up to the vital area around $300. Such a situation may occur within the next few days.

BNB is trading at $308.7 at press time.

ADA/USD

Cardano (ADA) is one of the biggest losers today as its rate has declined by 3.94%.

Image by TradingView

Despite the sharp drop, there are no reversal signals yet, which means there is a big possibility of seeing a further decline of ADA. If buyers cannot seize the initiative shortly, the next zone at which a bounce back may happen is the area of $0.33-$.0.34.

ADA is trading at $0.3543 at press time.