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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.
