Crypto Market Pumps 30%: Litecoin (LTC), Bitcoin Cash, TRX, ADA Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap rallied more than 30% and broke the $165.0B resistance.
Litecoin (LTC) price climbed more than 25% and broke the $75 resistance.
Bitcoin cash price surged close to 50% and traded above the key $250 resistance.
Tron (TRX) price broke the key $0.0240 and $0.0250 resistance levels.
Cardano (ADA) price surged more than 20% and broke the $0.0850 resistance.

The crypto market cap jumped more than $40 billion, with a strong uptrend in bitcoin (BTC) and Ethereum (ETH). Ripple, litecoin (LTC), bitcoin cash, TRX, XLM and ADA rallied significantly.

Bitcoin Cash Price Analysis

Bitcoin cash price was one of the best performers in the past few hours against the US Dollar. The BCH/USD pair climbed more than 50% and broke many resistances such as $220, $240, $250 and even $260. The pair traded close to the $275 level and it is currently correcting lower.

On the downside, an initial support is near the $250 level, below which the price may test the $240 support area. On the upside, the main resistance is near the $275-280 zone.

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

Litecoin price also followed bitcoin and rallied more than 25%. LTC price started a significant upward move after it broke the $65 and $70 resistance levels. The price even cleared the $80 resistance and traded close to the $85 level. It is currently correcting lower towards the $75 support level. The main support is near the $170 level.

Tron price was a bit slow to react, but it managed to clear the key $0.0240 and $0.0250 resistance levels. TRX price traded above the $0.0275 level and it seems like it may slowly move higher towards the $0.0292 and $0.0300 resistance levels.

Cardano price gained bullish momentum above the $0.0700 and $0.0720 resistance levels. ADA price even broke the $0.0880 and $0.0900 resistance levels before correcting lower. It may test the $0.0800 support level before a fresh increase.

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp upward move once there was a break above the $140.0B resistance level. The market cap gained more than $40.0B from the $130.0B swing low and rallied above the $150.0B and $160.0B levels. It tested the $170.0B level and is currently correcting lower. An initial support is near the $160.0B level, followed by the $155.0B pivot zone. On the upside, a break above the $170.0B level may open the doors for a push towards $176.0B or $180.0B in the coming sessions. Overall, there could be more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, XMR, 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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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.