- The total crypto market cap declined further and broke the $280.0B support area.
- Bitcoin price is down more than 6% and it recently traded below the $10,800 support.
- Litecoin (LTC) price is holding the key $85.00 support area and is trading in a range.
- BCH price performed nicely and jumped more than 5% to break the $340 resistance.
- Tron (TRX) price is grinding lower towards the $0.0200 support level.
- Cardano (ADA) price is currently recovering above the $0.0525 resistance level.
Bitcoin Cash Price Analysis
Bitcoin cash price found support near the $330 level against the US Dollar. The BCH/USD pair started a fresh increase and broke the key $340 resistance level. The price is now trading near the $350 resistance and is already up more than 5% today.
If there are more gains, the price could test the $360 resistance level in the near term. On the downside, the previous resistance near the $340 level may now act as a decent support.
Cardano (ADA), Litecoin (LTC) and Tron (TRX) Price Analysis
Litecoin price started a downside correction below the $92.00 and $90.00 support levels. LTC price is now trading near the key $85.00 support level and is consolidating in a range. It seems like the price is preparing for a nice upward move above the $90.00 resistance level. Conversely, a downside break below the $85.00 support may push the price towards the $80.00 support.
Tron price is still in a bearish zone below the $0.0215 and $0.0220 resistance levels. TRX price is trading well below $0.0210 and it seems like there could be another downside break below the $0.0200 support level. The next key support is near the $0.0192 level.
Cardano price tested the $0.0510-0.0515 support area and it is currently correcting higher. ADA price broke the $0.0525 level and it could continue to rise towards the main $0.0550 resistance level. The next key resistance is near the $0.0565 level.
Looking at the total cryptocurrency market cap 4-hours chart, there were further losses below the $300.0B level. The market cap even broke the $285.0B and $280.0B support levels, dragged by bitcoin’s slide. It seems like this week’s followed declining channel is acting as a strong catalyst for the bears. If the channel remains intact, there is a risk of more losses below the $275.0B and $270.0B support levels. More importantly, if bitcoin continues to decline, there is a risk of a sharp drop in Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term.