Bitcoin & Crypto Market At Risk of Further Losses: LTC, BNB, BCH, TRX Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap is declining and it is now trading below the $185.0B support.
Bitcoin price is down 3% and it recently broke the $7,000 support area.
Binance coin (BNB) price dived more than 8% below $14.00 and $13.50.
Litecoin (LTC) price is sliding and trading well below the $40.00 support area.
BCH price finally traded below the main $40.00 support area.
Tron (TRX) price is down 5% and it is now trading near the $0.0132 support area.

Bitcoin (BTC) and the crypto market cap are declining and likely to continue lower. Ethereum (ETH), litecoin, ripple, BCH, XLM, TRX, BNB, and EOS are diving heavily.

Bitcoin Cash Price Analysis

After consolidating for more than three days, bitcoin cash price declined below the $205 and $200 support levels against the US Dollar. BCH price is down around 5% and it even broke the $195 support area. The next major support could be near the $185 and $182 levels.

On the upside, an initial hurdle is near the $200 level. It seems like the previous supports near $200 and $205 are likely to act as key resistances in the near term.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) is extending losses below the $14.20 and $14.00 support levels. BNB price is down more than 8% and it is now trading near the $13.20 level. If there are more downsides, the bears are likely to aim a break below the $13.00 support level in the near term.

Litecoin price is down and out as it broke the main $40.00 support area. LTC price is down around 8% and it is now trading in a strong bearish zone below $40.00. The next major supports are near $38.80 and $38.50. On the upside, the $40.00 and $40.50 levels could prevent a decent recovery.

Tron price failed to stay above the $0.0135 support area. TRX price is down 4% and it broke the $0.0134 level. The next major is near the $0.0132 level, below which it is likely to test the $0.0130 support.

Bitcoin Crypto Market Cap — Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $188.0B and $185.0B support levels. The crypto market cap is down more than 10.0B and it is now near the $180.0B support area.

It seems like the market cap could slide towards $175.0B or $172.0B, sparking more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, 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.