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

Aayush Jindal

1 year ago

2 mins read

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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.

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.

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.