technical analysis altcoins

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

Avatar Aayush Jindal 10 months ago
  • The total crypto market cap remained well supported above the $130.00B support.
  • Stellar (XLM) price is trading nicely above the $0.1200 support area.
  • Bitcoin cash price is back above $160 and it may continue towards the $165 and $170 levels.
  • Tron (TRX) rallied recently and broke the $0.0250 resistance area.
  • Cardano (ADA) price is up more than 5% and it could break the $0.0500 resistance.

Bitcoin cash is slowly moving higher towards $170. BTC, Ethereum, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA) are also gaining bullish momentum.

Bitcoin Cash Price Analysis

Recently, we saw a downside correction below $160 in bitcoin cash against the US Dollar. BCH/USD tested the $150 support area and later bounced back. The price is now trading above the $160 support and it may continue to move higher in the near term.

The current price action is positive, but if there is a downside correction, the price may find bids near the $155 and $154 support levels.

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

Stellar price traded nicely and settled above the $0.1200 support area. XLM is up around 2.5% today, with an immediate resistance at $0.1250, above which the price may accelerate towards the $0.1300 barrier.

Tron price was one of the best performers recently as it rallied more than 10%. TRX price broke the $0.0250 resistance area, opening the doors for a push towards the $0.0300 hurdle in the coming sessions.

Cardano price is up around 5% and it seems like it is heading towards the $0.0500 resistance. ADA price may accelerate gains towards $0.0520 if there is a clear break of the $0.0500 resistance.

	ADA, BCH, Bitcoin Cash, btc, Cardano, stellar, TRON, TRX, XLM

Looking at the total cryptocurrency market cap hourly chart, there is a strong support formed near the $130.00B and $131.00B levels. Recently, there was a downside correction, but the $130.00B level prevented losses. The market cap recovered and it seems like it could move above $135.00B, above which the next stop for buyers could be near the $140.00B level. Therefore, if there are bearish moves in bitcoin, Ethereum, monero, stellar, litecoin, ripple, icon, BNB and other altcoins in the short term, buyers are likely to protect dips.

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