Crypto Market & Bitcoin Poised for Declines: BCH, Litecoin, TRX, XLM Analysis

Aayush Jindal

1 year ago

2 mins read

Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

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The total crypto market cap is under a lot of pressure below the $260.0B and $270.0B resistances.
Bitcoin price is down more than 2% and it is currently trading well below $9,600.
Litecoin (LTC) price failed to stay above the key $90 support and it could extend downsides.
BCH price slowly moving lower towards the main $300 support level.
Tron (TRX) price broke the $0.0220 support and it may soon test the $0.0210 support.
Stellar (XLM) price is declining and it is likely to revisit the $0.0800 support level in the near term.

The crypto market cap and bitcoin (BTC) are currently following a bearish path. Ethereum (ETH), litecoin (LTC), ripple, BCH, tron (TRX), stellar (XLM) and other altcoins might extend losses.

Bitcoin Cash Price Analysis

Bitcoin cash price corrected higher recently above the $310 level against the US Dollar. However, the BCH/USD pair failed to extend gains above the $320 resistance and started a fresh decline. It is now approaching the $300 support level and it might continue to slide in the near term.

If there is a downside break below the $300 support, the price could revisit the $290 and $285 support levels. On the upside, a close above the $320 and $325 resistance levels is needed for a solid upward move.

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

Litecoin price remained well below the $100 resistance level and failed to gain bullish momentum. LTC price traded below the $95 and $92 support levels recently to move into a bearish zone. It is now trading below the $90 support and it could continue to slide towards the $85 level.

Tron price is extending losses below the $0.0225 and $0.0220 support levels. TRX price is under a lot of pressure and it seems like it might even struggle to hold the $0.0210 support. The main support is near $0.0200, below which the price could collapse towards $0.0180.

Stellar price struggled on many occasions to clear the $0.0980 and $0.1000 resistance levels. As a result, there was a bearish reaction and the price recently traded below the $0.0850 support level. The next key support is near the $0.0800 level, followed by $0.0782.

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline below the $270.0B and $260.0B support levels. The market cap is currently struggling to hold the main $248.0B-250.0B support area. If there is a downside break, the next major support is near the $235.0B level. On the upside, there are a few key hurdles near $260.0B, $265.0B, and a bearish trend line. As long as the market cap is below $265.0B, there could be more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, BNB, TRX, ADA, XMR, and other altcoins in the coming sessions.

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.

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.