Analysis Technical

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

Aayush Jindal | February 1, 2019 | 6:00 am
technical analysis altcoins
Analysis

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

Aayush Jindal | February 1, 2019 | 6:00 am
  • The total crypto market cap failed to stay above the $110.00B support and declined sharply.
  • Litecoin (LTC) price is consolidating losses above the $30.00 support level.
  • Bitcoin cash price corrected lower and it could test the $110 support level.
  • Tron (TRX) declined more than 5% and it broke the $0.0260 support area.
  • Stellar (XLM) price is under a lot of pressure below the $0.0900 and $0.1000 resistance levels.

The crypto market failed to gain momentum, resulting in a fresh drop in bitcoin (BTC), Ethereum (ETH) and ripple. Other altcoins like litecoin, bitcoin cash and stellar also extended losses.

Bitcoin Cash Price Analysis

Bitcoin cash price traded above the $116 resistance recently against the US Dollar. However, BCH/USD failed to break the $120 resistance and later started a fresh decline. The price declined below the $116 and $115 support levels to move back in a bearish zone.

Going forward, there could be more losses below $112 and the price may even retest the $110 support level in the near term.

Litecoin (LTC), Tron (TRX) and Stellar (XLM) Price Analysis

Litecoin price made another attempt to clear the $33.00 and $34.00 resistance levels. However, LTC failed to gain momentum above $33.00 and declined below $32.00. The price is currently trading near the $31.00 level and it could soon test the $30.00 support before a fresh upward move.

Tron price failed to hold gains above the $0.0275 level and later declines. TRX traded below the $0.0270 and $0.0265 support levels. The price is now trading below $0.0260 and it may perhaps test the $0.0242 support zone.

Stellar price started a major downside move after it broke the key $0.1000 support level. XLM declined below the $0.0900 support and it recently tested the $0.0800 support. If there are more losses, the price may test the $0.0750 level.

Crypto Market Cap, bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, TRX

Looking at the total cryptocurrency market cap hourly chart, there was a sharp bearish reaction below the $112.00B and $110.00B support levels. The market cap tested the $108.00B support and it is currently consolidating losses. However, there is a risk of more losses below the $108.00B and $107.00B levels. Therefore, bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, TRX and other altcoins remain at a risk of more losses.

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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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