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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market In Corrective Decrease: Bitcoin Cash, Tron (TRX), XLM, ADA Analysis

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis altcoins

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  • The total crypto market cap seems to be struggling near the $178.0B resistance area.
  • Stellar (XLM) price corrected lower and traded below the $0.1300 support area.
  • Bitcoin cash price is down around 6% and it may revisit the $280 support level in the near term.
  • Tron (TRX) price is up more than 3% and it is likely to break the $0.0300 resistance area.
  • Cardano (ADA) price is down close to 7% and it seems to be heading towards the $0.0800 support.

The crypto market cap is moving lower, with a corrective decrease in bitcoin (BTC) and Ethereum. Ripple, BCH, stellar (XLM), EOS and Cardano (ADA) are down, while Tron (TRX) is gaining traction.

Bitcoin Cash Price Analysis

Recently, we saw a fresh increase in bitcoin cash price above the $300 and $310 levels against the US Dollar. However, the BCH/USD pair failed to gain traction above the $320 and $325 resistance levels. As a result, there was a downside correction below $310.

The price is down around 6% and it is trading near the $300 level. If there is a downside extension, the price may revisit the $280 support level in the near term.

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

Stellar price failed to hold gains above the $0.1320 level and recently corrected lower. XLM price is down around 4% and it recently broke the $0.1300 support level. The next key support is at $0.1265, where buyers are likely to take a stand. On the upside, the previous supports at $0.1300 and $0.1320 are likely to act as strong hurdles for buyers.

Tron price is trading nicely today above the $0.0280 resistance level. TRX price is up more than 3% and it seems like it is setting up for a break above the key $0.0300 resistance level. A successful close above the $0.0300 level could push the price towards the $0.0320 level in the coming sessions.

Cardano price failed to settle above the $0.0900 resistance level and it recently declined below the $0.0880 support level. ADA price is down by more than 6% and it is currently trading below the $0.0850 support level. The next key support is near the $0.0820 level.

Crypto Market Cap Bitcoin Cash BCH Tron TRX ADA XLM

Looking at the total cryptocurrency market cap hourly chart, there is a strong resistance formed near the $178.0B and $178.5B levels. There could be a double top pattern forming near the $178.0B level and the market cap might start a corrective decrease in the near term. If it breaks the channel support at $171.0B, it could correct lower towards the $165.0B support and a bullish trend line. Any substantial decline is very unlikely, and bitcoin, Ethereum, EOS, stellar, LTC, ADA, EOS, ripple, TRX and other altcoins could bounce back soon.

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Aayush Jindal
Aayush Jindal

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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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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