Analysis Technical

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

Aayush Jindal | January 29, 2019 | 6:00 am
technical analysis altcoins
Analysis

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

Aayush Jindal | January 29, 2019 | 6:00 am
  • The total crypto market cap extended its decline and tested the $106.50B level.
  • Litecoin (LTC) price trimmed gains and traded close to the $30.00 support level.
  • Bitcoin cash price extended losses and it even broke the $112 support level.
  • Tron (TRX) is in a bearish zone and it may soon revisit the $0.0250 support area.
  • Cardano (ADA) price declined sharply and broke the $0.0400 and $0.0385 support levels.

Bitcoin (BTC), Ethereum (ETH), ripple, litecoin, bitcoin cash and cardano moved into a bearish trend. The crypto market is under pressure and altcoins may continue to slide in the near term.

Bitcoin Cash Price Analysis

Bitcoin cash price started a major downside move from well above $125 against the US Dollar. BCH/USD gained bearish momentum recently and broke the $120 and $112 support levels. It even broke the $110 support level and later recovered a few points.

If it corrects higher in the short term, the previous supports at $112 and $115 may perhaps act as a barrier for buyers. On the downside, the main supports are $105 and $100.

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

Litecoin price spiked above the $33.00 and $34.00 resistance levels this past week. However, LTC failed to hold gains and declined below the $32.00 support. It is currently under pressure and there is a risk of a breakdown below the $30.00 support.

Tron price started a downside move from well above $0.0290. TRX price traded below the $0.0285 and $0.0270 support levels to move into a bearish zone. It seems like sellers are now eyeing a test of the $0.0255 and $0.0250 support levels.

Cardano price settled below the $0.0400 support level, which is a bearish sign. ADA is currently trading near the $0.0375 and it may continue to move down towards the $0.0365 or $0.0360 support.

Crypto Market Cap, LTC, BTC, ADA, TRX, XRp

Looking at the total cryptocurrency market cap hourly chart, there was a sharp decline below the $115.00B support. The market cap even moved below the $112.00B and $110.00B support levels. It recently tested the $106.50B level and remains in a downtrend. Therefore, there could be more losses in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, TRX and other altcoins 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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