Crypto Market Update: Litecoin (LTC), Bitcoin Cash, Tron (TRX), ADA Price Analysis
- The total crypto market cap is currently consolidating above the $112.00B support level.
- Litecoin (LTC) price is under pressure and it seems to be struggling to stay above the $30 support.
- Bitcoin cash price is trading in a tight range between the $120 and $130 levels.
- Tron (TRX) gained more than 8% and broke the $0.0260 resistance level.
- Cardano (ADA) price is trading flat above the $0.0420 support level.
Bitcoin (BTC), Ethereum (ETH), ripple, litecoin and cardano declined heavily this week. The crypto market is currently ranging, but tron (TRX) made a nice upward move.
Bitcoin Cash Price Analysis
Bitcoin cash price declined recently and tested the $120 support level against the US Dollar. BCH/USD is currently trading in a range and it is consolidating above the $120 support area. On the upside, there are many hurdles near the $125, $128 and $130 levels.
On the downside, the $120 support holds the key. If there is a bearish break below $120, the price could accelerate losses towards the $110 level in the near term.
Litecoin (LTC), Tron (TRX) and ADA Price Analysis
Litecoin price made a sharp downside move recently and traded below the $38 and $35 support levels. LTC even broke the $33 support and tested the $30 support area. It is currently trading in the $30-32 range and preparing for the next move.
Tron price once again performed really well and gained more than 8%. TRX price broke the $0.0250 and $0.0258 resistance levels to set the stage for more gains. The next stop could be $0.0272 in the short term.
Cardano price is currently consolidating above the $0.0420 support level. ADA could make the next move either towards the $0.0450 resistance or towards the $0.0400 support area.
Looking at the total cryptocurrency market cap hourly chart, there is a contracting triangle in place with resistance at $116.00B and support near the $113.20B level. It seems like the market cap is preparing for the next move either above $116.00B or below the $112.00B support level. Therefore, there could be swing moves (bearish or bullish) in Bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, TRX and other altcoins remains in the near term.