Crypto Market at Major Crossroads: Litecoin (LTC), BCH, TRX, ADA Price Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap rebounded recently and revisited the $129.0B resistance area.
Litecoin (LTC) price gained nearly 5% and it seems like it could test $58 or $60.
Bitcoin cash price is trading sideways below the $130 resistance level.
Tron (TRX) corrected above the $0.0220 level, but it could face a strong hurdle near $0.0230.
Cardano (ADA) price is gaining momentum and it may trade towards the $0.0500 resistance level.

The crypto market cap is approaching a crucial resistance area and it could surge higher. Bitcoin (BTC), Ethereum (ETH), ripple, litecoin (LTC), bitcoin cash, TRX, XLM and ADA remain supported.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price declined below the $130 and $128 support levels against the US Dollar. The BCH/USD pair tested the $126 support level and later corrected higher. The price is currently trading just above the $128 level and it seems like it could test the $130 resistance level in the near term.

If there is a break above the $130 resistance, the next aim for buyers could be the $132 barrier. On the downside, a break below the $128 support may perhaps push the price towards the $126 or $125 support.

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

Litecoin price remained in a strong uptrend from the $52 support level against the US Dollar. LTC price recently spiked towards the $58 level and later corrected lower. However, the $54 support prevented declines and the price recently gained more than 5%. It is currently trading above the $57 level and it may continue to rise towards the $58 or $60 resistance.

Tron price declined heavily and broke the $0.0220 support level recently. TRX price tested the $0.0210 level and late recovered above $0.0220. However, there are many hurdles on the upside near the $0.0230 and $0.0232 levels, where sellers are likely to emerge.

Cardano price traded nicely in the past few sessions and broke the $0.0450 and $0.0465 resistance levels. ADA price is currently trading above the $0.0470 level and it may continue to climb higher. An immediate resistance is at $0.0485, above which the price could rally towards the $0.0500 resistance zone.

Looking at the total cryptocurrency market cap hourly chart, there was a drop below the $128.0B support level. The market cap tested the $125.0B support level and it recently corrected higher. There was a decent rebound above the $127.5B level, but there is a strong resistance formed near $129.0B and a bearish trend line. Moreover, the key resistance is near the $130.0B level. If there is an upside break above the $130.0B barrier, the crypto market could rally in the near term, with gains in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins.

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.