Crypto Market Cap & Bitcoin Down 10%: BCH, Litecoin, ADA, TRX Analysis

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The total crypto market cap failed to continue above $350.0B and declined sharply.
Bitcoin price failed to accelerate above $13,000 and declined nearly 10%.
Litecoin (LTC) price is down more than 11% and it broke the $110 support area.
BCH price declined heavily and broke the $400 and $390 support levels.
Tron (TRX) price broke the $0.0320 support and traded close to the $0.0315 support.
Cardano (ADA) price is down around 8% and it could soon test $0.0700.

The crypto market cap is down more than $30.0B, with strong bearish moves in bitcoin (BTC) and Ethereum (ETH). LTC, BCH, EOS, cardano, ripple, TRX, XLM and BNB are currently under pressure.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to settle above the $420 resistance level against the US Dollar. BCH/USD started a major decline and broke a few important supports such as $405, $400, $395 and $390. The price even tested the $380 level and it remains at a risk of more losses.

If the price breaks the $375 support, it could continue to decline towards the $360 support. On the upside, an initial resistance is near the $390 level, followed by the $400 barrier.

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

Litecoin price was under a lot of pressure and it recently broke the $112 and $110 support levels. LTC price is down more than 11% and it even tested the $105 support. The main support is near the $100 level, below which the price may turn super bearish.

Tron price is declined below the $0.0330 and $0.0325 support levels. TRX price even broke $0.0320 and recently tested the $0.0315 support. The next important support is near $0.0310, followed by $0.0308. On the upside, the must break the $0.0325 and $0.0330 levels to move back in a positive zone.

Cardano price broke a couple of important supports near the $0.0780 and $0.0760 levels. ADA price even broke the $0.0725 level and traded close to the $0.0700 level. If there are more losses, the next stop for ADA could be near the $0.0650 level.

Looking at the total cryptocurrency market cap 4-hours chart, it seems like there was a major rejection near the $346.0B zone. The market cap started a major decline below $330.0B and broke a contracting triangle on the same chart. The market cap declined more than $30.0B and tested the $305.0B level. The next key support on the downside is near the $300.0B and $298.0B levels, where the bulls may take a stand. Still, there could be more losses in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term.

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.