Bitcoin And Crypto Market Cap Facing Hurdles: BCH, Litecoin, TRX, XLM Analysis
- The total crypto market cap corrected a few points, but it faced a strong resistance near $215.0B.
- Bitcoin price is also correcting higher, but it is likely to struggle to clear the $8,200 resistance.
- Litecoin (LTC) price is now facing resistance near the $55.50 and $56.50 levels.
- BCH price is holding the main $215 support area and it is currently rebounding.
- Tron (TRX) price is climbing higher and it is now placed nicely above the $0.0150 level.
- Stellar (XLM) price is up more than 2% and it is moving towards the $0.0650 resistance.
The crypto market cap and bitcoin (BTC) are facing many hurdles on the upside. Ethereum (ETH), litecoin (LTC), ripple, BCH, tron (TRX), stellar (XLM) and other altcoins could struggle to climb higher.
Bitcoin Cash Price Analysis
BCH price corrected lower recently and tested the $215 support area against the US Dollar. The price is currently moving higher and is trading near the $220 level. On the upside, there is a major resistance near the $230 level, above which the price could recover towards the $240 level in the near term.
On the downside, if there is a bearish break below the $215 support, the price could decline towards the $205 and $200 support levels.
Litecoin (LTC), Tron (TRX) and Stellar (XLM) Price Analysis
Litecoin price managed to stay above the $51.50 and $50.00 support levels. LTC price is currently recovering and is trading above the $54.00 level. However, there are a few key hurdles near the $55.50 and $56.00 levels, above which the price could revisit the main $60.00 resistance area.
Tron price declined recently and tested the $0.0145 support area. TRX price remained well bid and recently started a nice upward move above the $0.0150 resistance area. The price is up more than 3% and it could continue to rise towards the $0.0155 resistance level in the near term.
Stellar price also declined recently and tested the $0.0600 support area. XLM price is now climbing higher and is trading above the $0.0625 resistance area. However, there is a major resistance near $0.0650, above which the price could continue to rise towards $0.0682 and $0.0695.
Looking at the total cryptocurrency market cap 4-hours chart, there was a decent recovery from the $205.0B support area. However, the market cap struggled to clear a key resistance near the $215.0B level and the 100 SMA. Moreover, there is a connecting bearish trend line forming with resistance near $215.0B. Therefore, a clear break above the $215.0B resistance is needed for a nice rally in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, BNB, TRX, ADA, XMR, and other altcoins in the coming sessions.
The post Bitcoin And Crypto Market Cap Facing Hurdles: BCH, Litecoin, TRX, XLM Analysis appeared first on NewsBTC.
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Aayush Jindal, Khareem Sudlow