technical analysis altcoins

Crypto Market Cap & Bitcoin Extending Losses: BCH, Litecoin, ADA, TRX Analysis

Avatar Aayush Jindal 6 months ago
  • The total crypto market cap declined further and broke the $280.0B support area.
  • Bitcoin price is down more than 6% and it recently traded below the $10,800 support.
  • Litecoin (LTC) price is holding the key $85.00 support area and is trading in a range.
  • BCH price performed nicely and jumped more than 5% to break the $340 resistance.
  • Tron (TRX) price is grinding lower towards the $0.0200 support level.
  • Cardano (ADA) price is currently recovering above the $0.0525 resistance level.

The crypto market cap and bitcoin (BTC) are extending losses below key supports. Ethereum (ETH), LTC, BCH, EOS, cardano, ripple, TRX, XLM and BNB might correct higher.

Bitcoin Cash Price Analysis

Bitcoin cash price found support near the $330 level against the US Dollar. The BCH/USD pair started a fresh increase and broke the key $340 resistance level. The price is now trading near the $350 resistance and is already up more than 5% today.

If there are more gains, the price could test the $360 resistance level in the near term. On the downside, the previous resistance near the $340 level may now act as a decent support.

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

Litecoin price started a downside correction below the $92.00 and $90.00 support levels. LTC price is now trading near the key $85.00 support level and is consolidating in a range. It seems like the price is preparing for a nice upward move above the $90.00 resistance level. Conversely, a downside break below the $85.00 support may push the price towards the $80.00 support.

Tron price is still in a bearish zone below the $0.0215 and $0.0220 resistance levels. TRX price is trading well below $0.0210 and it seems like there could be another downside break below the $0.0200 support level. The next key support is near the $0.0192 level.

Cardano price tested the $0.0510-0.0515 support area and it is currently correcting higher. ADA price broke the $0.0525 level and it could continue to rise towards the main $0.0550 resistance level. The next key resistance is near the $0.0565 level.

Bitcoin Crypto Market Cap ETH, XRP, BCH, LTC, EOS, TRX, ADA, BNB

Looking at the total cryptocurrency market cap 4-hours chart, there were further losses below the $300.0B level. The market cap even broke the $285.0B and $280.0B support levels, dragged by bitcoin’s slide. It seems like this week’s followed declining channel is acting as a strong catalyst for the bears. If the channel remains intact, there is a risk of more losses below the $275.0B and $270.0B support levels. More importantly, if bitcoin continues to decline, there is a risk of a sharp drop in Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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