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BTC, ETH, XRP and DOGE Price Analysis for May 12

1 Mins read

Despite the fact that the majority of the top 10 coins are in the green zone, there are a few exceptions to the rule. DOGE and Internet Computer (ICP) are under bearish influence.

Source: u.today

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has finally gotten out of the correction phase as its rate has increased by almost 2% over the last day.

BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) is trading sideways; however, the short-term scenario is more bearish than bullish. A possible drop is confirmed by increasing selling trading volume, which means that traders might expect a fall to $53,500 very soon.

But it does not mean that bears will seize the initiative in the long-term projection.

Bitcoin is trading at $55,620 at press time.

ETH/USD

Ethereum (ETH) has gained more than Bitcoin (BTC) as its price has increased by 4% and set a new peak at $4,400.

ETH/USD chart by TradingView

Even though the long-term picture of Ethereum (ETH) has not been broken, the drop to the mirror level at $3,960 may occur before continued growth. The trading volume is low, which means that buyers may not have fixed their positions yet. In this case, a further rise to $4,500 is possible in case of a bounceback from the support.

Ethereum is trading at $4,215 at press time.

XRP/USD

XRP could not show the same growth as Bitcoin (BTC) or Ethereum (ETH), and its rate has declined by 2%.

XRP/USD chart by TradingView

Despite the decline, XRP is trading above yesterday’s minimum levels, which means that short-term growth is more likely than a drop. Thus, the selling trading volume remains low. All in all, the nearest resistance at $1.59 is the main target for bulls for the upcoming days.

XRP is trading at $1.42 at press time.

DOGE/USD

DOGE is the main loser today as its rate has gone down by more than 5% since yesterday.

DOGE/USD chart by TradingView

DOGE is neither bullish nor bearish at the moment. However, the selling trading volume has decreased, which means that bulls might retest the resistance at $0.57 shortly.

DOGE is trading at $0.4747 at press time.

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