June 22, 2021

Crypto Price Analysis & Overview May 7th: Bitcoin, Ethereum, Ripple, Cardano, and Litecoin

6 min read

Altcoins continue to outshine bitcoin’s rate and today was no exception. One of the greatest winners over the past seven days was Litecoin, up more than 40%. Here’s how some other leading coins performed and what to anticipate.

Bitcoin is up by an overall of 5.5 %today as it battles with$56,500 in an attempt to climb up over the 50-days MA. The cryptocurrency has had a hard time to break above

$58,000 so far in May as it stops working to break above a short-term descending trend line. On Tuesday, Bitcoin took a sharp 8% rate fall as it dropped below the 50-days MA to reach as low as $53,000. There, it discovered support at a. 5% Fib and rebounded on Wednesday to break back above the 50-days MA. However, it still is fighting with the coming down trend line and has given that dropped below the 50-days MA.

Looking ahead, the first support lies at $55,400. This is followed by $54,450 (20-days MA), $53,000 (.5 Fib), $52,400 (100-days MA), and $51,600 (.618 Fib).

On the other side, the very first resistance lies at $55,500 (50-days MA). This is followed by the descending trend line, $58,355 (Feb 2021 highs), $60,000, and $61,780 (March 2021 highs).

BTC/USD Daily Chart. Source: TradingView Ethereum saw an extremely strong 25.6 %cost hike today as it rose to brand-new ATH prices of$3600.

The coin has been trading inside a steeply rising price channel since breaking out of an in proportion triangle toward the end of April. Ever since, it has regularly been making higher highs. At the start of the week, ETH was trading around $2750.

It continued higher throughout the week until setting the ATH rate yesterday at$3600. Ever since, it has actually dropped a little to trade around $3450. Moving on, the very first level of strong resistance lies at the ATH price at$3600.

This is carefully followed by$ 3656 (1.414 Fib Extension),$ 3800,$ 3880 (1.618 Fib Extension ), and $4000. Added resistance lies at$ 4200 and$4412. On the other side, the very first support lies at the lower limit of the rising rate channel.

Underneath this, assistance lies at$31200(.236 Fib ),$2955(.382 Fib

), and$ 2760 (.5 Fib & 20-days MA ). ETH/USD Daily Chart. Source: TradingView ETH is performing effectively versus BTC this week as it handled to break the April 2018 lows at 0.054 BTC and reach as high as 0.0632 BTC (1.618 Fib Extension )throughout the week. It had actually started the month beneath 0.05 BTC however rapidly handled to break above the resistance. On Monday, ETH rose above the April 2018 lows and continued to hit the 2021 high at 0.0632 BTC on Tuesday.

Since then, it has actually traded sideways between this high and the support at 0.06 BTC. Looking ahead, the – very first assistance lies at 0.06 BTC. This is followed by 0.0563 BTC(.236 Fib), 0.0541 BTC (April 2018 lows ), and 0.0522 BTC( –.382 Fib ). On the other side, the first resistance lies at

0.0632 BTC (1.618 Fib Extension – orange). This is followed by 0.0656 BTC(1.618 Fib

Extension – purple), 0.0675 BTC (1.272 Fib Extension – blue), and 0.07 BTC (1.414 Fib Extension – blue).< img class=" size-full wp-image-117233" src=" https://cryptopotato.com/wp-content/uploads/2021/05/ethbtc-may7.png "alt="ethbtc-may7"width =" 2908"height=

“1882”srcset=”https://cryptopotato.com/wp-content/uploads/2021/05/ethbtc-may7.png 2908w, https://cryptopotato.com/wp-content/uploads/2021/05/ethbtc-may7-300×194.png 300w, https://cryptopotato.com/wp-content/uploads/2021/05/ethbtc-may7-1024×663.png 1024w, https://cryptopotato.com/wp-content/uploads/2021/05/ethbtc-may7-768×497.png 768w, https://cryptopotato.com/wp-content/uploads/2021/05/ethbtc-may7-1536×994.png 1536w, https://cryptopotato.com/wp-content/uploads/2021/05/ethbtc-may7-2048×1325.png 2048w, https://cryptopotato.com/wp-content/uploads/2021/05/ethbtc-may7-50×32.png 50w “sizes =”(max-width: 2908px )100vw, 2908px”/ > ETH/BTC Daily Chart. Source: TradingView Ripple XRP likewise saw a respectable 13.3%price trek today as the coin

currently sits at$1.60. It started the month trading around$1.70 however wound up heading lower from there to strike the assistance at$1.40(20-days MA )on Tuesday. It quickly bounced from there and increased as high as $1.80 yesterday. However, it looks as if XRP is having a hard time to produce a

daily closing candle beyond$ 1.60. Moving on, if the bulls can split $1.60, the very first resistance lies at $1.74 (bearish.786 Fib). This is followed by $1.98 (April highs) &,$2.10(1.618 Fib Extension), and $2.20. On the other side, the very first strong support lies at$1.50(.236 Fib). This is followed by $1.40(20-days MA),$1.25(Feb 2018 Highs), and$1.10(.5 Fib & 50-days MA ).

XRP/USD Daily Chart. Source: TradingView

Against bitcoin, XRP Is seeing a comparable pattern as it has a hard time to make any ground above 2877 SAT (bearish.618 Fib). It started the month at this resistance and ended up falling under 2600 SAT assistance on Tuesday.

It did end up rebounding from here on Webesdayto reach a new 2021 high of 3110 SAT the other day, however, it still could not close the day-to-day candle above 2877 SAT and has actually considering that dropped to 2820 SAT.

Looking ahead, the first resistance lies at 2877 SAT. This is followed by 3110 SAT (2021 High). Included resistance lies at 3362 SAT (Feb 2020 highs) and 3485 SAT (bearish.786 Fib).

On the other side, the first solid support lies at 2600 SAT. This is followed by 2540 SAT (.236 Fib & & 20-days MA). Additional support lies at the increasing pattern line, 2225 SAT (.382 Fib) and 2000 SAT.

XRP/BTC Daily Chart. Source: TradingView Cardano ADA saw a wonderful 25 %price rise this week as it lastly broke above the rising rate channel it was stuck inside throughout the past 2 months. The cryptocurrency started the month at around$1.35 but slipped lower into the assistance at the 20-days MA at around$1.25. From there, it rebounded on Wednesday as it returned to the $1.50 resistance. The other day, ADA continued beyond $1.50 and broke to the upside of the ascending price channel to set a new ATH cost at

$1.76. It has actually since dropped somewhat as it trades at $1.63. Moving forward, the very first resistance lies at $1.72 (1.272 Fib Extension –). This is followed by$ 1.78 (ATH), $1.88(1.272 Fib Extension – purple), and $2.00. On the other side, the first stong support lies at $1.60. This is followed by $1.55 (.236 Fib)

,$1.50,$1.42(.382 Fib), and$1.32(.5 Fib).

ADA/USD Daily Chart. Source: TradingView ADA saw a strong week versus bitcoin.

The cryptocurrency began the month at around 2325 SAT and began to push higher from there. The other day, it managed to penetrate resistance at 2600 SAT and

reach as high as 3000 SAT. It has actually considering that dropped a little from there as it trades around 2900 SAT. Looking ahead, the very first support lies at 2800 SAT. this is followed by 2600 SAT,

2400 SAT(20-days MA), and 2200 SAT(50-days MA). On the other side, the very first resistance lies at 3000 SAT. This is followed

by 3117 SAT(1.618 Fib Extension), 3196 SAT(2021 highs), and 3400 SAT.< figure id ="attachment_117230"aria-describedby =" caption-attachment-117230" design ="width: 2908px"class ="wp-caption aligncenter "> ADA/BTC Daily Chart. Source: TradingView Litecoin is the greatest entertainer on this list after rising by a solid 41.7 % this week. The cryptocurrency managed to set a brand-new ATH after breaking$370 and striking $372.55 today. The cryptocurrency began the month by trading at around$268( 20-days MA). From there, it started to press greater every day up until setting the new

ATH rate today. We can see that Litecoin is trading inside a rising cost channel and is now checking the resistance at the upper boundary. Progressing, if the bulls can break the upper boundary of the cost channel, the first resistance lies at$380(1.272 Fib Extension). This is followed by$400(1.414 Fib Extension), $417.60 (short term 1.272 Fib Extnesion), and $440 (1.618 Fib Extension).

On the other side, the very first strong assistance lies at $333.50 (.236 Fib). This is followed by $320, $308.80 (.382 Fib), $300, and $288.80 (.5 Fib).

LTC/USD Daily Chart. Source: TradingView LTC is also succeeding versus BTC after setting a brand-new 2021 high at 0.00665 BTC today. The coin started the month at around 0.00475 BTC and began to rise higher. Yesterday, it handled to break above resistance at 0.00625 BTC(

bearish.618 Fib ). It continued even more higher today to set the new 2021 high at 0.00665 BTC however has considering that dropped somewhat to strike 0.00644 BTC. Looking ahead, the first resistance above 0.00665 BTC lies at 0.00675 BTC(1.618 Fib Extension). This is followed by 0.007 BTC (bearish.786 Fib), 0.00731 BTC (1.272 Fib Extension),

and 0.00754 BTC (bearish.886 Fib). On the other side, the very first support lies at 0.00625 BTC. This is followed by 0.006 BTC, 0.00572 BTC (.382 Fib), 0.00544 BTC (.5 Fib), and 0.005 BTC (20-days MA).

LTC/BTC Daily Chart. Source: TradingView