- The total crypto market cap started a strong decline below the $255.0B support.
- Bitcoin price is down around 4% and it recently broke the $10,000 support area.
- Litecoin (LTC) price is correcting gains and is trading below the $75.00 support area.
- BCH price failed to surpass the $325 resistance and is correcting lower towards $305.
- Tron (TRX) price is correcting gains and is approaching the $0.0165 support level.
- Cardano (ADA) price is testing the $0.0500 level, with a minor bearish angle.
Bitcoin Cash Price Analysis
Bitcoin cash price traded above the $320 level against the US Dollar. However, the BCH/USD pair failed to gain traction above the $325 resistance level and recently started a downside correction. The price is down around 4% and it seems like it could soon test the $305 support level.
On the upside, the $320 level is an initial resistance. However, the main support on the upside is near the $325 level, above which the price could rally towards $340.
Cardano (ADA), Litecoin (LTC) and Tron (TRX) Price Analysis
Litecoin price recovered nicely above the $72.00 and $75.00 resistance levels. However, LTC price failed to continue higher and it is currently correcting gains. It is trading below the $75.00 level and it seems like it could test the $72.00 support in the near term.
Tron price is facing a strong resistance near the $0.0172 level. TRX price is currently correcting recent gains and is approaching the $0.0165 support area. If there are more downsides, the price could continue to slide towards the $0.0162 support area. On the upside, the price might struggle near $0.0170 and $0.0172 in the near term.
Cardano price managed to climb above the $0.0500 resistance area. However, ADA price is struggling to break the $0.0520 resistance and it is currently correcting lower. If it breaks the $0.0500 support, it could resume its decline in the coming sessions.
Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp bearish reaction after the market cap tested the $265.0B resistance area. It broke many supports near the $260.0B and $255.0B levels. Moreover, the market cap declined below a major bullish trend line with support near the $255.0B level. However, the $245.0B area is acting as a strong support. It seems like there could be a minor upward move before the price revisit the $245.0B support area. Therefore, there could be more dips in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term.
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