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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Crypto Market In Corrective Decrease: Bitcoin Cash, BNB, Litecoin, TRX Analysis

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
technical analysis altcoins

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  • The total crypto market cap started a downside correction after testing the $267.7B level.
  • Binance coin (BNB) price failed to stay above the $35.00 level and declined below $33.20.
  • Litecoin (LTC) price is still well above the $105.00 and $102.00 support levels.
  • Bitcoin cash price started a downside correction after testing the key $450 resistance.
  • Tron (TRX) price corrected lower sharply after it rallied towards the $0.0360 level.

The crypto market cap, bitcoin (BTC) and Ethereum (ETH) are correcting recent gains. BNB, litecoin, ripple, bitcoin cash, TRX, XLM and EOS remains supported on dips.

Bitcoin Cash Price Analysis

After a decent upward move, bitcoin cash price failed to gain momentum above the $445 and $450 resistance levels against the US Dollar. The BCH/USD pair started a downside correction and broke the $440 and $430 support levels. The pair is now testing the $425 level and it could even test the $420 support area.

The next key support are near $405 and $400. As long as the price is above $400, it is likely to bounce back above $430 and $440 in the coming sessions.

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

Binance coin (BNB) price started a slow and steady downside correction after it failed near the $35.00 resistance. BNB price broke the $34.00 and $33.20 support levels to enter a short term bearish zone. At the moment, the price is trading below $33.00 level, with an immediate support at $32.80 and $32.60.

Litecoin price is currently stable above the $110.00 level, with a few bearish signs. On the downside, an immediate support is at $110.00, below which the price could test the $107.00 or $105.00 support level. The main support for the bulls is near the $102.00 area.  On the upside, the key resistances are near $115.00 and $120.00.

Tron price rallied sharply in the past few sessions above the $0.0320 and $0.0350 resistance levels. TRX price tested the $0.0360 resistance area and it is currently correcting lower. It broke the $0.0350 support and it seems like it is heading towards the $0.0320 support.

Crypto Market Cap Bitcoin Cash BTC BCH EOS TRX BNB

Looking at the total cryptocurrency market cap hourly chart, a downside correction was initiated from the $267.7B swing high. The market cap declined below the $265.0B support and an ascending channel support on the same chart. However, there are many important supports on the downside near the $255.0B and $250.0B levels. As long as the market cap is above the $250.0B support, there could be a fresh increase in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term. If not, there might be more downsides towards the $242.0B support area.

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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

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