Crypto Market Remains Vulnerable: Litecoin (LTC), BCH, TRX, ADA Price Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap is struggling to climb higher and it could break the $133.0B support.
Litecoin (LTC) price moved below the $60 support and it could extend the downside correction.
Bitcoin cash price declined below the $160 support and it may retest the $155 or $150 support.
Tron (TRX) price failed to stay above $0.0230 and it is moving down towards $0.0220.
Cardano (ADA) price is up more than 3% and it is trading nicely above the $0.0500 support area.

The crypto market cap is currently at a risk of a downside break. Bitcoin (BTC), Ethereum (ETH), ripple, litecoin (LTC), bitcoin cash, TRX, XLM and ADA could decline heavily if sellers gain control.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price started a downside correction after it failed to clear the $165 resistance against the US Dollar. The BCH/USD pair corrected lower and broke the $160 support recently. The current price action suggests that the price may move further lower towards the $155 support level.

The main support is near the $150 level, where buyers are likely to emerge. On the upside, an initial resistance is at $160 and $162, above which the price is likely to clear the $165 resistance in the near term.

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

Litecoin price climbed to a new monthly high recently and traded above the $60 level. Later, LTC price started a downside correction and traded below. It seems like there could be more downside and the price may test the $58 or $56 support level. On the upside, the key resistances are $60 and $62.

Tron price remained under a lot of pressure and it recently failed to hold the $0.0230 support level. TRX price is now trading well below $0.0230 and it could continue to move down towards the $0.0220 support level.

Cardano price gained bullish momentum this week and broke the $0.0500 and $0.0510 resistance levels. ADA price is currently up more than 3% and it seems like it could surpass the $0.0520 and $0.0525 resistance levels to move further into the positive zone.

Looking at the total cryptocurrency market cap hourly chart, there were a couple of rejections near the $136.0B and $137.0B levels. The market cap moved down recently and it is currently trading near a crucial support at $133.2B. If there is a downside break, the market cap could decline towards the $132.0B or $130.0B support levels. In the mentioned scenario, there are chances of a downside extension towards the key $125.0B support. On the other hand, an upside break above $135.0B may spark bullish moves in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, XMR, 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.
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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.