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Bitcoin & Crypto Market Cap Tumble: LTC, BNB, BCH, TRX Analysis

Avatar Aayush Jindal 6 months ago
  • The total crypto market cap extended its decline below the $245.0B support area.
  • Bitcoin price dived more than 5% and broke the key $9,800 support area.
  • Binance coin (BNB) price is down around 12% and it traded close to the $22.00 support area.
  • Litecoin (LTC) price is also down around 10% and it broke the $70.00 and $68.00 supports.
  • BCH price declined below the $300 support and tested the $285 support area.
  • Tron (TRX) price is down nearly 12% and traded close to the $0.0150 level.

The crypto market cap and bitcoin (BTC) are extending their decline. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS are trading with a strong bearish bias.

Bitcoin Cash Price Analysis

BCH price failed to stay above the main $305 and $300 support levels against the US Dollar. The BCH/USD pair started a fresh decline and broke the $300 support. The price gained bearish momentum and tested the $280 support area. The current price action is bearish, suggesting more losses below the $275 support.

On the upside, an immediate resistance is near the $290 level. However, the main resistances are near the $300 and $305 levels (the recent supports).

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

Binance coin (BNB) price is under a lot of selling pressure as it fell more than 12% in the past few hours. BNB price broke the $24.00 and $23.50 support levels to enter a bearish zone. Besides, the price tested the $22.00 support level and it is currently consolidating losses.

Litecoin price is failed to stay above the $72.00 and $70.00 support levels. LTC price is down around 10% and it recently broke the $68.00 support. The next key supports on the downside are near the $65.20 and $65.00 levels.

Tron price is down around 12% and it broke the main $0.0165 support. TRX price even traded below the $0.0155 level and traded close to the $0.0152 level. The next key support is near the $0.0150 level. On the upside, the $0.0158 and $0.0160 levels are likely to stop upsides.

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

Looking at the total cryptocurrency market cap 4-hours chart, there was a downside extension below the $250.0B and $245.0B support levels. The market cap is now trading below $240.0B and it may soon break the $235.0B and $232.0B support levels. The next major support is near the $225.0B level. On the upside, there are many hurdles near the $250.0B and $253.0B levels. Moreover, there are two bearish trend lines forming with resistance near $255.0B. Overall, upsides are likely to be capped in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, 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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