Crypto Market Cap & Bitcoin Flirt With Key Resistance: BCH, Litecoin, ADA, TRX Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap is facing a strong resistance near the $190.0B and $195.0B levels.
Bitcoin price is also struggling to surpass the $7,300 and $7,400 resistance levels.
Litecoin (LTC) price is declining and it might trade below the $45.00 support area.
BCH price is struggling to hold the key $205 and $200 support levels.
Tron (TRX) price is up more than 2% and it is approaching the $0.0150 resistance.
Cardano (ADA) price is now trading well below the $0.0138 and $0.0140 levels.

Bitcoin (BTC) and the crypto market cap are flirting with important resistances. Ethereum (ETH), LTC, BCH, EOS, cardano, ripple, TRX, XLM and BNB are struggling to correct higher.

Bitcoin Cash Price Analysis

After a strong decline, bitcoin cash price climbed back above the $200 resistance area against the US Dollar. However, the BCH/USD pair failed to gain momentum above $215 and it is slowly moving lower. An immediate support is near the $205 level, below which it could struggle to hold the $200 support.

On the downside, a break below $200 might call for a fresh drop towards $185. On the upside, the main hurdles for run towards $250 are near $215 and $225.

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

Litecoin price is struggling to gain traction above the $47.00 level and it is currently declining. An initial support is near the $45.00 level, below which LTC price might continue to move down towards the $43.00 and $42.20 support levels. On the upside, the $47.00 and $47.50 levels are strong barriers.

Tron price is currently up more than 2% and it seems like the bulls are aiming a break above the $0.01500 resistance level. In the mentioned case, TRX price is likely to accelerate higher towards the $0.0155 and $0.0158 levels.

Cardano price is trading in a nasty downtrend below the $0.0400 and $0.0385 levels. ADA price is likely to test the $0.0350 support area, below which there is an open way towards the $0.0310 level.

Crypto Market Cap Bitcoin — Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a decent recovery from the $172.0B support area. The market cap climbed above the $185.0B resistance, but it is facing a strong resistance near the $190.0B and $195.0B levels. Moreover, there is a declining channel in place with resistance near $190.0B.

Therefore, a clear break above $190.0B and $195.0B is needed for a fresh increase in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term. If not, the crypto market is likely to resume decline and the market cap could revisit the $172.0B support.

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.

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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.