technical analysis altcoins

Crypto Market Update: Bitcoin Cash Rally, Tron (TRX), ADA, IOTA Price Analysis

Avatar Aayush Jindal 6 months ago

Key Points

  • The total crypto market cap is showing positive signs and it recently moved towards $135.00B.
  • Bitcoin cash surged higher by more than 50% and broke the $200 resistance.
  • Tron (TRX) cleared the $0.0175 resistance and it could head towards $0.0200.
  • Cardano (ADA) price broke the key $0.0400 resistance level.
  • IOTA (MIOTA) gained more than 20% recently and surpassed the $0.3250 resistance.

Bitcoin cash rallied above $200 and it could extend gains towards $240. Ethereum, ripple, Litecoin (LTC), Tron (TRX), IOTA and Cardano (ADA) remain in a solid uptrend.

Bitcoin Cash Price Analysis

Bitcoin cash price was the best performing cryptocurrency in the past two days. BCH/USD gained more than 100% from the $80 support area and it recently broke the $150 and $200 resistance levels. The price is currently trading above $210 and it could continue to move higher towards the $225 or $240 resistance.

If there is a downside correction, an initial support is near the $200 level, below which the next major support awaits at $180.

Tron (TRX), ADA and IOTA Price Analysis

Tron price started a solid upward move and broke the $0.0165 and $0.0175 resistance levels. TRX price is currently trading above the $0.0180 level and it seems like there could be more upsides towards $0.0188 or $0.0200.

Cardano price jumped sharply above the $0.0320 and $0.0350 resistance levels. More importantly, ADA price traded above the $0.0400 barrier and placed itself in a positive zone.

IOTA (MIOTA) started a major bullish wave after forming a support base near the $0.2400 level. The price rallied above the $0.3000 and $0.3200 resistance levels. The next major resistance is at $0.3600 followed by $0.3820.

Crypto Market Cap Total BCH IOTA ADA TRX

Looking at the total cryptocurrency market cap hourly chart, there were continuous gains above the $120.00B pivot level. The market cap rallied above the $130.00B level and tested the $135.00B level. It is currently following a major bullish trend line with support at $125.00B and signaling more upsides in the coming sessions. Therefore, there could be more gains in bitcoin, Ethereum, EOS, ripple, litecoin, BCH, BCHSV, XLM, and other altcoins in the short term.

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