Bitcoin, Crypto Market Could Bleed Further: BCH, BNB, LTC, TRX Analysis

Aayush Jindal

Last Updated: June 11, 2024 1:45 pm

2 mins read

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The total crypto market cap declined heavily and even broke the $250.0B support area.
Bitcoin price settled below the $10,000 support level and spiked towards $9,200.
Binance coin (BNB) price dived more than 10% and even broke the $25.00 support level.
Litecoin (LTC) price broke the key $90.00 and $85.00 support levels to enter a bearish zone.
BCH price failed to stay above the $300 level and recently declined below $285.
Tron (TRX) price is down more than 15% and it is approaching the key $0.0200 support area.

The crypto market cap and bitcoin (BTC) are declining heavily below key supports. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS are also under a lot of pressure.

Bitcoin Cash Price Analysis

Yesterday, there was an upside correction in BCH price above the $290 and $300 levels against the US Dollar. The BCH/USD pair tested the $320 resistance level, but it struggled to continue higher. Recently, it started a fresh decline and broke the $300 support level.

The price is down around 10% and it is trading near the $285 level. If there are more losses, the price could even test the $270 support level in the near term.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price declined sharply after it failed to stay above the $28.00 support area. BNB price broke the $26.00 support level and even declined below $25.00. The next main support is near the $24.10 level, below which the price may even test the $23.80 level.

Litecoin price declined steadily below the $90.00 and $85.00 support levels. LTC price even broke the $80.00 support area and traded close to the $74.00 level. It is currently correcting higher, but upsides are likely to remain capped near the $80.00 and $82.00 levels.

Tron price declined heavily below the $0.0250 and $0.0240 levels. TRX price is down more than 15% and it recently broke the $0.0220 support level. It seems like the price may soon test the main support near the $0.0200 level, where the bulls are likely to take a stand.

Looking at the total cryptocurrency market cap 4-hours chart, there was a strong rejection near the $285.0B level, which was a support earlier. As a result, the market cap declined heavily and broke the $260.0B and $250.0B support levels. It moved towards the $240.0B level and remains at a risk of more downsides. An immediate resistance on the upside is near the $250.0B level, above which the market cap may face a strong resistance near the $262.0B level and a bearish trend line on the same chart. Overall, upsides are likely to remain capped in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.

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.

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.

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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.