Crypto Market Update: Litecoin (LTC), Bitcoin Cash, Tron (TRX), ADA Price Analysis

Aayush Jindal

1 year ago

2 mins read

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Key Points

The total crypto market cap declined recently and tested the $130.00B support.
Litecoin (LTC) price started consolidating gains after testing the $40 resistance.
Bitcoin cash price declined 4% and traded below the $60 support.
Tron (TRX) extended gains and traded above the $0.0235 resistance level.
Cardano (ADA) price trimmed gains and traded below the $0.0480 support.

Bitcoin cash started a downside correction below $160. BTC, Ethereum, ripple, Litecoin (LTC), Tron (TRX) and Cardano (ADA) trading nicely above key support levels.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to clear the $165 and $170 resistance levels against the US Dollar. BCH/USD started a downside correction and traded below the $160 support. The price is down more than 4% and it may continue to move lower towards the $155 and $150 support levels.

On the upside, a break above the $160-162 zone may clear the path for a push towards the $170 resistance. A proper break above the $170 barrier is needed for an upside acceleration.

Litecoin (LTC), Tron (TRX) and ADA Price Analysis

Litecoin price gained heavily recently and surged above the $34 and $36 resistance levels. LTC even tested the $40 resistance and later started a downside correction. The main supports on the downside are at $36 and $34.

Tron price remained in the green zone and traded above the $0.0235 resistance levels. TRX price may perhaps continue to move higher towards the $0.0245 and $0.0250 resistance levels.

Cardano price started a downside correction after testing the $0.0500 resistance levels. ADA is currently trading below the $0.0480 support and it seems like it may extend the correction. The next key support is at $0.0455, below which the price may decline towards the $0.0420 support.

Looking at the total cryptocurrency market cap hourly chart, there was a rejection near the $137.00B level. The market cap started a downside correction and moved below the $135.00B level. However, the $130.00B support is acting as a solid barrier. There is also a bullish trend line with support at $129.00B on the hourly chart. Therefore, Bitcoin, Ethereum, EOS, litecoin, ripple, and other altcoins remains supported on the downside and they might bounce back in the near future.

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.
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