Crypto Market Cap & Bitcoin Down 10%: BCH, Litecoin, ADA, TRX Analysis
- The total crypto market cap failed to continue above $350.0B and declined sharply.
- Bitcoin price failed to accelerate above $13,000 and declined nearly 10%.
- Litecoin (LTC) price is down more than 11% and it broke the $110 support area.
- BCH price declined heavily and broke the $400 and $390 support levels.
- Tron (TRX) price broke the $0.0320 support and traded close to the $0.0315 support.
- Cardano (ADA) price is down around 8% and it could soon test $0.0700.
The crypto market cap is down more than $30.0B, with strong bearish moves in bitcoin (BTC) and Ethereum (ETH). LTC, BCH, EOS, cardano, ripple, TRX, XLM and BNB are currently under pressure.
Bitcoin Cash Price Analysis
Bitcoin cash price failed to settle above the $420 resistance level against the US Dollar. BCH/USD started a major decline and broke a few important supports such as $405, $400, $395 and $390. The price even tested the $380 level and it remains at a risk of more losses.
If the price breaks the $375 support, it could continue to decline towards the $360 support. On the upside, an initial resistance is near the $390 level, followed by the $400 barrier.
Cardano (ADA), Litecoin (LTC) and Tron (TRX) Price Analysis
Litecoin price was under a lot of pressure and it recently broke the $112 and $110 support levels. LTC price is down more than 11% and it even tested the $105 support. The main support is near the $100 level, below which the price may turn super bearish.
Tron price is declined below the $0.0330 and $0.0325 support levels. TRX price even broke $0.0320 and recently tested the $0.0315 support. The next important support is near $0.0310, followed by $0.0308. On the upside, the must break the $0.0325 and $0.0330 levels to move back in a positive zone.
Cardano price broke a couple of important supports near the $0.0780 and $0.0760 levels. ADA price even broke the $0.0725 level and traded close to the $0.0700 level. If there are more losses, the next stop for ADA could be near the $0.0650 level.
Looking at the total cryptocurrency market cap 4-hours chart, it seems like there was a major rejection near the $346.0B zone. The market cap started a major decline below $330.0B and broke a contracting triangle on the same chart. The market cap declined more than $30.0B and tested the $305.0B level. The next key support on the downside is near the $300.0B and $298.0B levels, where the bulls may take a stand. Still, there could be more losses in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term.
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Aayush Jindal, Khareem Sudlow
