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BTC, ETH, XRP, BNB and ADA Price Analysis for May 31

source-logo  u.today 31 May 2023 19:35, UTC
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Most of the coins are back in the red zone, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

$BTC/USD

The rate of Bitcoin ($BTC) has fallen by 2.13% over the last 24 hours.

<span class=$BTC/USD chart by TradingView" src="https://cnews24.ru/uploads/dfd/dfdc34f9e0c38f6a46a3502b2325c34dfb96b5e3.png" size="2686x1310">

Image by TradingView

On the daily chart, the rate of Bitcoin ($BTC) has continued to fall after a failed attempt to fix above the $28,000 zone. At the moment, buyers are fighting to keep the price above $27,000. If they fail to do that, the drop may continue to the support at $25,800.

Bitcoin is trading at $26,955 at press time.

$ETH/USD

Ethereum ($ETH) is less of a loser than Bitcoin ($BTC), going down by 1.88%.

<span class=$ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/edf/edf78dc89df0637aa7966c90871fb99f83b7680a.png" size="2686x1310">

Image by TradingView

Despite today's decline, the rate of Ethereum ($ETH) is far from the key levels, which means that sideways trading is the more likely scenario for the next days. However, if the bar closure happens below the $1,800 mark, nothing can stop bears on the way to the $1,700 area.

Ethereum is trading at $1,859 at press time.

$XRP/USD

$XRP is today's exception to the rule, rising by almost 3%.

<span class=$XRP/USD chart by TradingView" src="https://cnews24.ru/uploads/bc2/bc217b2b9d16003b9a8e5f272662d60daae60e46.png" size="2686x1310">

Image by TradingView

The rate of $XRP is neither bullish nor bearish today as the altcoin has not accumulated enough power for a further sharp move. Currently, one should pay attention to the $0.4854 level. Until the rate is above that mark, buyers are supposed to be more powerful than sellers.

$XRP is trading at $0.5090 at press time.

$BNB/USD

The rate of Binance Coin ($BNB) has dropped by 1.83% since yesterday.

<span class=$BNB/USD chart byTradingView" src="https://cnews24.ru/uploads/70b/70b8ab48a478c9e15e62c1b673814f8bbd2b6cdd.png" size="2686x1310">

Image by TradingView

The price of $BNB is falling after a false breakout of the resistance level at $316.7. If today's candle closes with no long wicks and near the vital mark of $300, the decline is likely to continue to the $290 zone shortly.

$BNB is trading at $305.7 at press time.

$ADA/USD

Cardano ($ADA) has followed the drop of $BNB, declining by 0.79%.

<span class=$ADA/USD chart by TradingView" src="https://cnews24.ru/uploads/2c5/2c5f071ec486405fbd9007b6d3f76cea5a0533d6.png" size="2686x1310">

Image by TradingView

Bears have seized the initiative on the daily time frame after buyers failed to fix above the $0.38 zone. If the situation does not change, traders can see the price of $ADA in the range of $0.36-$0.3650 soon.

$ADA is trading at $0.3728 at press time.

u.today