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

Avatar Aayush Jindal 1 year ago

Key Points

  • The total crypto market cap topped near the $144.00B level and declined sharply.
  • Stellar (XLM) price retreated from highs and traded back towards the $0.1200 support.
  • Bitcoin cash price is down more than 20% and it broke the $180 supports.
  • Tron (TRX) is down more than 10% and it broke the $0.0200 support.
  • Cardano (ADA) price is still holding the key $0.0400 support level.

Bitcoin cash declined heavily after a sharp upward move above $200. BTC, Ethereum, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA) are currently correcting lower.

Bitcoin Cash Price Analysis

This past week, we saw a nasty upward move above the $175 and $200 resistance levels in bitcoin cash against the US Dollar. BCH/USD even broke the $210 level, but it struggled to stay above the $220 level and later started a sharp downward move.

It declined more than 25% and broke the $200 and $180 support levels. Buyers are currently protecting the $150 support level, but there is a risk of more losses in the near term.

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

Stellar price jumped above the $0.1300 and $0.1320 resistance levels, but it struggled near the $0.1360 level. XLM declined and broke the $0.1300 support. It is currently testing the $0.1200 support area, which could spark a fresh rally.

Tron price climbed above the $0.0200 and $0.0220 resistance levels. Later, TRX price started a downside correction and cleared the $0.0200 support. The next key support awaits near the $0.0175 level.

Cardano price traded higher sharply above $0.0450 and almost tested the $0.0500 resistance. Later, ADA price declined, broke the $0.0450 support and it is currently approaching the $0.0400 support.

Crypto Market Cap Total BTC, Ethereum, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA)

Looking at the total cryptocurrency market cap hourly chart, there was an upside extension above the $140.00B and $142.00B level. However, the $144.00B level acted as a strong resistance, resulting in a downside move in the market cap. More importantly, there was a break below a bullish trend line with support at $135.00B on the same chart. Therefore, there are chances of more declines in Bitcoin, Ethereum, monero, stellar, litecoin, ripple, and other altcoins in the short term.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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