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

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap tumbled and declined more than $20.00B in the past 2 hours.
Stellar (XLM) price is down more than 15% and tested the $0.1000 support.
Bitcoin cash price tumbled 20% and broke the $150 and $140 support levels.
Tron (TRX) trimmed most its recent gains and traded below the $0.0280 level.
Cardano (ADA) price is down around 20% and traded below the $0.0450 support level.

The crypto market turned bearish recently and lost more than $20.00B. Bitcoin, BCH, Ethereum, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA) moved into the red zone.

Bitcoin Cash Price Analysis

The past three sessions saw a solid rise in selling interest, resulting in a sharp decline in bitcoin cash from well above the $150 support. BCH/USD is down around 20% and it broke the $150 and $140 support levels. The price is currently trading near the $130 level, with an immediate support at $124.

On the upside, an initial resistance is near the $135 level, above which the $140 level may act as a solid resistance for buyers.

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

Stellar price started a downside move from well above the $0.1200 level. XLM broke the key $0.1150 and $0.1100 support levels. The price is currently consolidating above the $0.1000 level, and it may correct a few points.

Tron price rallied recently and broke the $0.0300 barrier. However, the recent downturn in bitcoin resulted in a drop in TRX below the $0.0300 support. The price is down around 15% and it may soon test the $0.0240 support.

Cardano price retreated after testing the $0.0540 and $0.0550 resistance levels. ADA is down 20% and it is currently trading below the $0.0450 support. The next key support is at $0.0420 and resistance is at $0.0450.

Looking at the total cryptocurrency market cap hourly chart, there was a strong downward move from the $135.70B swing high. The market cap declined below many key supports such as $130.00B and $125.00B. It tested the $116.00B level and remains at a risk of more losses. Therefore, bitcoin, Ethereum, EOS, stellar, litecoin, ripple, icon, TRX and other altcoins may extend losses in the near term.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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