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

This week was no different as altcoins continued to outperform bitcoin’s price. Litecoin, which has gained more than 40% in the last seven days, is one of the biggest winners. Here’s how some other famous coins fared, as well as what to expect in the future.

Bitcoin (Digital Currency)

Bitcoin is up 5.5 percent this week as it fights $56,500 in an effort to break through the 50-day moving average. It has failed to break above a short-term descending trend line in May, failing to break above $58,000.

Bitcoin’s price plummeted by 8% on Tuesday, falling below the 50-day moving average to as low as $53,000. It sought help at a.5% Fib and rebounded on Wednesday to reclaim the 50-day moving average. However, it continues to struggle with the falling trend line and has recently fallen below the vital resistance.

The first level of funding, as far as the future is concerned, is $55,400. $54,450 (20-days MA), $53,000 (.5 Fib), $52,400 (100-days MA), and $51,600 are the following prices (.618 Fib).

Cardano  

This week, ADA saw a 25% price increase after breaking out of the ascending price channel it had been trapped in for the past two months. The cryptocurrency began the month at around $1.35, but fell to around $1.25, where it found support at the 20-day moving average.

The first resistance level to watch is $1.72. (1.272 Fib Extension). $1.78 (ATH), $1.88 (1.272 Fib Extension – purple), and $2.00 are the following prices.

Ethereum

This week, Ethereum experienced a 25.6 percent price increase, reaching new all-time highs of $3600. Since breaking out of a symmetrical triangle at the end of April, the coin has been trading within a steeply ascending price channel. It has steadily made higher highs since then.

ETH was trading about $2750 at the start of the week. It continued to rise during the week, reaching the ATH price of $3600 yesterday. It has since dropped marginally, trading at about $3450.

Ripple  

XRP has also seen a decent 13.3 percent price increase this week, with the coin now trading at $1.60. It began the month at $1.70, but dropped from there to $1.40 (20-days MA) support on Tuesday.

It quickly recovered and reached a high of $1.80 yesterday. However, it appears that XRP is having difficulty producing a regular closing candle above $1.60.

If the bulls can break through $1.60, the first resistance is at $1.74. (bearish .786 Fib). $1.98 (April highs), $2.10 (1.618 Fib Extension), and $2.20 round out the top five.

Litecoin  

Litecoin is the best performer on this chart, having increased by 41.7 percent in the last week. After breaking $370 and reaching $372.55 today, the cryptocurrency managed to set a new ATH.

The cryptocurrency began the month with a price of about $268. (20-days MA). From there, it began to rise steadily each day until it reached the current ATH price today. We can see that Litecoin is currently measuring the resistance at the upper boundary of an ascending price channel.

 

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