Bitcoin And Crypto Market Facing Hurdles: BCH, Tron, XLM, ADA Analysis
- The total crypto market cap is currently correcting higher towards the $240.0B resistance.
- Stellar (XLM) price is performing nicely and it is up more than 5% above the $0.0750 resistance.
- Bitcoin cash price is likely to break the $300 resistance area in the near term.
- Tron (TRX) price is facing hurdles near the key $0.0200 resistance area.
- Cardano (ADA) price is consolidating below the key $0.0450 and $0.0465 resistance levels.
The crypto market cap and bitcoin (BTC) are correcting higher. Ethereum, BCH, ripple, stellar (XLM), EOS, TRX, and cardano (ADA) are trading near key resistances.
Bitcoin Cash Price Analysis
After a downside correction, BCH price found support near the $285 area against the US Dollar. As a result, the price started a fresh increase and traded above the $295 level. On the upside, an immediate resistance is near the $300 level, above which the price is likely to struggle near the $308 level.
On the downside, an initial support is near the $290 level. However, the main supports are near the $285 and $280 levels, below which the price could retest $265.
Stellar (XLM), Tron (TRX) and ADA Price Analysis
Stellar price is still following a bullish path above the $0.0700 support area. XLM price is up more than 5% today and it is trading nicely above the $0.0750 level. On the upside, an immediate resistance is near the $0.0795 and $0.0800 levels, above which the price could trade towards the $0.0820 level.
Tron price is currently consolidating below the $0.0200 resistance area. TRX price is likely to clear the $0.0200 resistance area and trade towards the $0.0212 and $0.0220 resistances. Conversely, it could retest the $0.0180 support area in the near term.
Cardano price is currently trading in a range above the $0.0420 support level. ADA price is facing a strong resistance near the $0.0450 level. If there is a clear break above the $0.0450 and $0.0465 resistance levels, the price could continue to rise towards the $0.0500 resistance area.
Looking at the total cryptocurrency market cap 4-hours chart, there was a decent recovery from the $225.0B support area. The market cap climbed back above the $232.0B level. However, it is facing a lot of hurdles near the $240.0B level. The main hurdle on the upside is near the $250.0B level.
Crypto Market Cap
Moreover, there is a connecting bearish trend line forming with resistance near the $242.0B level. Therefore, an upside break above $242.0B is needed for a decent upward move. If not, there are chances of another decline in bitcoin, Ethereum, EOS, stellar, LTC, ADA, EOS, ripple, TRX and other altcoins in the near term.
The post Bitcoin And Crypto Market Facing Hurdles: BCH, Tron, XLM, ADA Analysis appeared first on NewsBTC.
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Aayush Jindal, Khareem Sudlow