technical analysis altcoins

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

Avatar Aayush Jindal 8 months ago
  • 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.

Crypto Market Bitcoin, BCH, Ethereum, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA)

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.

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