Crypto Market Cap & Bitcoin Drop Sharply: BCH, Litecoin, ADA, TRX Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap started a strong decline below the $255.0B support.
Bitcoin price is down around 4% and it recently broke the $10,000 support area.
Litecoin (LTC) price is correcting gains and is trading below the $75.00 support area.
BCH price failed to surpass the $325 resistance and is correcting lower towards $305.
Tron (TRX) price is correcting gains and is approaching the $0.0165 support level.
Cardano (ADA) price is testing the $0.0500 level, with a minor bearish angle.

Bitcoin (BTC) and the crypto market cap are declining sharply. Ethereum (ETH), LTC, BCH, EOS, cardano, ripple, TRX, XLM and BNB are currently correcting gains.

Bitcoin Cash Price Analysis

Bitcoin cash price traded above the $320 level against the US Dollar. However, the BCH/USD pair failed to gain traction above the $325 resistance level and recently started a downside correction. The price is down around 4% and it seems like it could soon test the $305 support level.

On the upside, the $320 level is an initial resistance. However, the main support on the upside is near the $325 level, above which the price could rally towards $340.

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

Litecoin price recovered nicely above the $72.00 and $75.00 resistance levels. However, LTC price failed to continue higher and it is currently correcting gains. It is trading below the $75.00 level and it seems like it could test the $72.00 support in the near term.

Tron price is facing a strong resistance near the $0.0172 level. TRX price is currently correcting recent gains and is approaching the $0.0165 support area. If there are more downsides, the price could continue to slide towards the $0.0162 support area. On the upside, the price might struggle near $0.0170 and $0.0172 in the near term.

Cardano price managed to climb above the $0.0500 resistance area. However, ADA price is struggling to break the $0.0520 resistance and it is currently correcting lower. If it breaks the $0.0500 support, it could resume its decline in the coming sessions.

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp bearish reaction after the market cap tested the $265.0B resistance area. It broke many supports near the $260.0B and $255.0B levels. Moreover, the market cap declined below a major bullish trend line with support near the $255.0B level. However, the $245.0B area is acting as a strong support. It seems like there could be a minor upward move before the price revisit the $245.0B support area. Therefore, there could be more dips 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.

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