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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Crypto Market Turned Bearish: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis altcoins

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  • The total crypto market cap tumbled and declined more than $20.00B in the past 2 hours.
  • Stellar (XLM) price is down more than 15% and tested the $0.1000 support.
  • Bitcoin cash price tumbled 20% and broke the $150 and $140 support levels.
  • Tron (TRX) trimmed most its recent gains and traded below the $0.0280 level.
  • Cardano (ADA) price is down around 20% and traded below the $0.0450 support level.

The crypto market turned bearish recently and lost more than $20.00B. Bitcoin, BCH, Ethereum, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA) moved into the red zone.

Bitcoin Cash Price Analysis

The past three sessions saw a solid rise in selling interest, resulting in a sharp decline in bitcoin cash from well above the $150 support. BCH/USD is down around 20% and it broke the $150 and $140 support levels. The price is currently trading near the $130 level, with an immediate support at $124.

On the upside, an initial resistance is near the $135 level, above which the $140 level may act as a solid resistance for buyers.

Stellar (XLM), Tron (TRX) and ADA Price Analysis

Stellar price started a downside move from well above the $0.1200 level. XLM broke the key $0.1150 and $0.1100 support levels. The price is currently consolidating above the $0.1000 level, and it may correct a few points.

Tron price rallied recently and broke the $0.0300 barrier. However, the recent downturn in bitcoin resulted in a drop in TRX below the $0.0300 support. The price is down around 15% and it may soon test the $0.0240 support.

Cardano price retreated after testing the $0.0540 and $0.0550 resistance levels. ADA is down 20% and it is currently trading below the $0.0450 support. The next key support is at $0.0420 and resistance is at $0.0450.

Crypto Market Bitcoin, BCH, Ethereum, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA)

Looking at the total cryptocurrency market cap hourly chart, there was a strong downward move from the $135.70B swing high. The market cap declined below many key supports such as $130.00B and $125.00B. It tested the $116.00B level and remains at a risk of more losses. Therefore, bitcoin, Ethereum, EOS, stellar, litecoin, ripple, icon, TRX and other altcoins may extend losses in the near term.

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Aayush Jindal
Aayush Jindal

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.

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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.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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