Crypto Market Back In Red: Litecoin (LTC), BCH, TRX, ADA Price Analysis
- The total crypto market cap failed to move above the $134.0B resistance and declined heavily.
- Litecoin (LTC) price moved down and broke the $62 and $60 support levels.
- Bitcoin cash price is down more than 4% and it recently broke the $160 support level.
- Tron (TRX) price declined recently, but it is still above the key $0.0220 support.
- Cardano (ADA) price is currently consolidating above the $0.0600 support level.
The crypto market cap declined heavily, with strong bearish moves in bitcoin (BTC) and Ethereum (ETH). Ripple, litecoin (LTC), bitcoin cash, TRX, XLM and ADA are likely to struggle in the short term.
Bitcoin Cash Price Analysis
Bitcoin cash price failed to clear the $165 resistance recently and declined against the US Dollar. The BCH/USD pair started a downside move and broke the $162 and $160 support levels. The price is down more than 4% and it seems like it could accelerate losses towards the $158 or $155 support levels.
On the upside, an initial resistance is near the $162 level. If there is an upside break above $162, the price is likely to revisit the key $165 resistance area in the near term.
Litecoin (LTC), Tron (TRX) and Cardano (ADA) Price Analysis
Litecoin price performed really well this past week and traded above the $60 and $62 resistance levels. However, the price struggled to remain in a positive zone and it recently declined below the $60 support. LTC price may continue to move down and it could retest the $55 support level.
Tron price struggled to clear the $0.0230 resistance level and it recently declined. TRX price is down around 2%, but it is still trading above the $0.0222 and $0.0220 support levels. On the upside, the main hurdle is near $0.0230 and $0.0232.
Cardano price climbed higher in the past few days above the $0.0550 and $0.0580 resistance levels. ADA price even broke the $0.0600 resistance and it is currently consolidating gains. The next move could either be towards $0.0550 or $0.0650 in the near term.
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Looking at the total cryptocurrency market cap hourly chart, there was a slow and steady decline from the $134.0B resistance level. Later, the market cap declined below the $132.1B support, opening the doors for more losses. It declined below $130.0B and tested the $129.0B level. It is currently correcting higher, but upsides are likely to remain capped near the $131.5B and $132.0B levels. There is also a crucial bearish trend line in place with current resistance at $132.1B on the same chart. Therefore, upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, XMR, XLM and other altcoins are likely to face a lot of hurdles in the near term.
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