Analysis Technical

Crypto Market Update: Litecoin (LTC), Bitcoin Cash, Tron (TRX), ADA Price Analysis

Aayush Jindal | January 17, 2019 | 6:00 am
technical analysis altcoins
Analysis

Crypto Market Update: Litecoin (LTC), Bitcoin Cash, Tron (TRX), ADA Price Analysis

Aayush Jindal | January 17, 2019 | 6:00 am
  • The total crypto market cap is currently struggling near the $117.00B and $118.00B levels.
  • Litecoin (LTC) price is currently trading in a tight range above the $30 support.
  • Bitcoin cash price may climb back above $130 and $132 resistance levels.
  • Tron (TRX) is consolidating above $0.0240 and it could trade higher in the near term.
  • Cardano (ADA) price gained more than 3% and broke the $0.0450 resistance level.

Bitcoin (BTC) and Ethereum (ETH) traded in a range, with bearish moves. The crypto market is facing hurdles, increasing pressure on ripple, Litecoin (LTC), Tron (TRX) and Cardano (ADA).

Bitcoin Cash Price Analysis

Bitcoin cash price declined below the $130 support recently and tested the $125 level against the US Dollar. BCH/USD is currently correcting higher and a break above the $130 resistance could push the price towards the $132 and $135 resistance levels.

On the flip side, if the price fails to surpass $130, it may retest the $125 support, below which there is a risk of a break towards $120.

Litecoin (LTC), Tron (TRX) and ADA Price Analysis

Litecoin price managed to recover above $30 and it is currently consolidating in a tight range. LTC must break the $34 and $35 resistance levels to revisit the $40 hurdle in the near term. Alternatively, a break below $30 and $28 may push the price back towards $22.

Tron price is trading in a tight range above the $0.0240 support and it seems like it is preparing for more gains. TRX price could rally once again towards the $0.0300 level if there is a proper break above $0.0262.

Cardano price is slowly gaining bullish traction above the $0.0450 level. ADA is currently up more than 3% and it seems like the next stop for buyers could be $0.0462 or $0.0470 in the coming sessions.

Crypto Market Cap  Bitcoin, Ethereum, EOS, litecoin, ripple, Stellar, BCH, TRX

Looking at the total cryptocurrency market cap hourly chart, there is a major bearish trend line in place with resistance at $118.00B. The market cap struggled on a few occasions recently to break the trend line, resulting in bearish moves below $117.00B. Therefore, a successful break above the trend line could start a decent upward move in Bitcoin, Ethereum, EOS, litecoin, ripple, Stellar, BCH, TRX and other altcoins remains in the short term.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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