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- The total crypto market cap is slowly correcting higher towards the $128.0B resistance level.
- Litecoin (LTC) price is currently consolidating above the $45 support level.
- Bitcoin cash price is slowly moving lower (down more than 2%) towards the $130 support level.
- Tron (TRX) is at a risk of a sharp decline below the $0.0242 and $0.0240 support levels.
- Cardano (ADA) price could decline further towards the $0.0400 support level in the near term.
The crypto market is showing signs of an upside correction, with moves in bitcoin (BTC) and Ethereum (ETH). Ripple, litecoin, bitcoin cash, TRX, XLM and ADA might correct higher before fresh decline.
Bitcoin Cash Price Analysis
Bitcoin cash price slowly moved down and broke the $135 and $134 support levels against the US Dollar. The BCH/USD pair is down more than 2% and it seems like it could break the $132 support. The next key support is near the $130 level, below which there could be a sharp drop towards the $125 support.
On the upside, the previous support near the $135 level may perhaps act as a strong resistance. If there is a break above the $135 resistance, the price could correct higher towards the $140 level.
Litecoin (LTC), Tron (TRX) and Cardano (ADA) Price Analysis
Litecoin price started a downside correction from well above the $50 level. LTC broke the $48 and $46 support levels. At the moment, the price is consolidating above the $45 support. If there is a downside break below $45 and $44, the price could continue to move down towards the $40 support. On the upside, the main resistances are $48 and $50.
Tron price remained in a bearish zone and it recently broke the $0.0245 support level. TRX price is currently trading near the $0.0242 level and it seems like it could decline further towards the $0.0240 level. A break below $0.0240 might accelerate losses towards the $0.0380 level.
Cardano price faced an increased selling pressure and it declined below the $0.0450 support level. ADA is trading with a bearish angle and it seems like it could revisit the $0.0400 support zone in the coming sessions.
Looking at the total cryptocurrency market cap hourly chart, there is a decent support base formed near the $124.2B level. The market cap recently climbed above a bearish trend line, opening the doors for a correction above the $126.0B level. However, there is a strong resistance formed near the $128.0B zone and the 100 hourly simple moving average. Therefore, upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICS, XLM and other altcoins are likely to remain capped in the near term unless buyers gain traction.
