Bitcoin & Crypto Market Accelerating South: LTC, BNB, BCH, TRX Analysis
- The total crypto market cap extended losses and broke the $260.0B support area.
- Bitcoin price is down more than 6% and it recently broke the $10,000 and $9,800 supports.
- Binance coin (BNB) price declined around 8% and it is back below the $30.00 support area.
- Litecoin (LTC) price failed to hold the $90.00 support level and declined heavily.
- BCH price declined nearly 10% and broke the key $300 and $290 support levels.
- Tron (TRX) price trimmed all its recent gains and declined below the $0.0250 support.
The crypto market cap and bitcoin (BTC) are accelerating lower. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS are also showing a lot of bearish signs.
Bitcoin Cash Price Analysis
After a failed attempt near the $320 level, BCH price extended its decline against the US Dollar. The BCH/USD pair broke the key $300 and $290 support levels to move back in a bearish zone. The price is down nearly 10% and it is trading close to $275.
An immediate support is near the $270 level, below which there is a risk of more losses below the $260 support level in the near term. On the upside, the recent support near $300 is now likely to prevent gains in the near term.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price failed to accelerate above the $32.00 resistance and started a fresh decline. BNB price broke the $30.50 and $30.00 support levels to enter a bearish zone. Moreover, there was a break below the $29.20 support and the price seems to be approaching the $28.00 support area.
Litecoin price failed to surpass the $95.00 resistance and recently declined below $92.00. LTC price even broke the $90.00 support and entered a bearish zone. The price is down around 6% and it seems like it may soon test the $85.00 support level.
Tron price failed to continue above the $0.0300 resistance and started a sharp decline. TRX price is down around 15% and it broke the $0.0262 and $0.0250 support levels. If there are more losses, the price may revisit the $0.0215 support level.
Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline from well above the $300.0B level. The market cap broke the $280.0B support level to move into a negative zone. Recently, there was a break below the $260.0B support, opening the doors for more losses in the near term. It seems like there could be a downside extension towards the $240.0B support level in the near term. Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the coming sessions.
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Aayush Jindal, Khareem Sudlow