Analysis Technical

Crypto Market Update: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis

Aayush Jindal | December 10, 2018 | 6:00 am
technical analysis altcoins

Crypto Market Update: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis

Aayush Jindal | December 10, 2018 | 6:00 am

Key Points

  • The total crypto market cap recovered above $105.00B, but struggled near $113.00B.
  • Stellar (XLM) price is up around 2%, but it is facing sellers near $0.1250.
  • Bitcoin cash price is back above the $100 level and it could correct towards $115.
  • Tron (TRX) is struggling to move past the $0.0150 resistance level.
  • Cardano (ADA) price is consolidating above the $0.0300 support level.

Bitcoin cash recovered and surpassed the BCHSV value. Stellar (XLM), Tron (TRX) and Cardano (ADA) are up around 2% with a minor bullish angle.

Bitcoin Cash Price Analysis

After trading below the $100 level, bitcoin cash price found support near the $92 level. Later, BCH recovered above the $95 and $100 levels. More importantly, the price also surpassed the value of BCHSV. However, there are many resistances on the upside near the $110 and $115 levels.

A proper close above the $115 level is needed for a decent recovery above $125. If not, there is a chance of a fresh decline below the $100 and $95 support levels. The main support is at $88-90 zone.

Stellar (XLM), Tron (TRX) and ADA Price Analysis

After trading towards the $0.1050 support level, XLM staged a short term recovery. The price recovered above the $0.1100 and $0.1150 resistance levels, but upsides were capped near $0.1250. A proper break above $0.1250 is needed for more gains. On the downside, the key supports are $0.1100 and $0.1050.

Tron price seems to be consolidating above the $0.0120 level, with resistances at $0.0140 and $0.0150, above which TRX could move towards $0.0200. The key support is at $0.0128 followed by $0.0122.

Cardano price moved back above the $0.0300 resistance level after trading as low as $0.0270. ADA must gain pace above the $0.0340 and $0.0350 resistance levels to trade towards the $0.0400 level in the near term.

total cryptocurrency market cap hourly chart

Looking at the total cryptocurrency market cap hourly chart, there are a few bullish signs emerging, but it is clearly facing a lot of hurdles near the $113.35B level. There is also a bearish trend line place on the same chart, with current resistance at $112.00B. Therefore, if the total market cap surpass the $112.00B and $113.00B levels, there are chances of a decent recovery in Bitcoin, Ethereum, ripple, and other altcoins in the near term.

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