Crypto Market Primed For Lift-Off: Bitcoin Cash, Litecoin (LTC), TRX, ADA Analysis
- The total crypto market cap stayed above the key $160.0B support and climbed towards $170.0B.
- Litecoin (LTC) price recovered recently and moved above the $80 resistance.
- Bitcoin cash price extended gains and it could move higher towards the $320 level.
- Tron (TRX) price is currently consolidating above the key $0.0260 support area.
- Cardano (ADA) price must break the $0.0850 resistance to start a decent upward move.
The crypto market cap is up more than $4 billion, with positive moves in bitcoin (BTC) and Ethereum (ETH). Ripple, litecoin (LTC), bitcoin cash, TRX, XLM and ADA are likely to extend gains.
Bitcoin Cash Price Analysis
Bitcoin cash price started a strong upward move after BSV’s nasty drop against the US Dollar. The BCH/USD pair broke the $300 resistance level to move into a positive zone. The price gained traction and it recently moved above the $310 resistance area.
If the price continues to move higher, it could even surpass the $320 resistance level. On the other hand, if there is a downside correction, the price may perhaps test the $305 support area.
Litecoin (LTC), Tron (TRX) and Cardano (ADA) Price Analysis
Litecoin price traded close to the $75 support area and recently rebounded above $78. LTC even broke the $80 resistance and it is currently trading in a positive zone. On the upside, an immediate resistance is at $82, above which the price is likely to rise towards the $85 resistance area.
Tron price remained under pressure earlier this week and traded below the $0.0272 support. TRX price traded close to the $0.0260 support level and it is currently consolidating. On the upside, a break above $0.0270 and $0.0272 is must for a decent upward move.
Cardano price recovered above the $0.0800 resistance level. ADA price is currently trading above the $0.0820 level, with many resistances near the $0.0840 and $0.0850 levels. On the downside, the main support is at $0.0800, below which the price could test $0.0780.
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Looking at the total cryptocurrency market cap 4-hours chart, the $158.0 and $160.0B support levels proved significant. The market cap stayed above the $160.0B support and a major bullish trend line. It recovered above the $165.0B level and tested the main resistance near $170.0B and the 50% Fib retracement level of the last decline from the $179.9B high to $158.0B low. On the downside, the main supports are $165.0B and $164.0B. Below the trend line, the market cap could revisit the $160.0B support. On the upside, a clear break above the $170.0B resistance is likely to open the doors for more gains in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, XMR, XLM and other altcoins in the near term.
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