- The total crypto market cap declined further and broke the $ 280.0B support area.
- Bitcoin price is down more than 6% and it recently traded below the $ 10,800 support.
- Litecoin (LTC) price is holding the key $ 85.00 support area and is trading in a range.
- BCH price performed nicely and jumped more than 5% to break the $ 340 resistance.
- Tron (TRX) price is grinding lower towards the $ 0.0200 support level.
- Cardano (ADA) price is currently recovering above the $ 0.0525 resistance level.
Bitcoin Cash Price Analysis
Bitcoin cash price found support near the $ 330 level against the US Dollar. The BCH/USD pair started a fresh increase and broke the key $ 340 resistance level. The price is now trading near the $ 350 resistance and is already up more than 5% today.
If there are more gains, the price could test the $ 360 resistance level in the near term. On the downside, the previous resistance near the $ 340 level may now act as a decent support.
Cardano (ADA), Litecoin (LTC) and Tron (TRX) Price Analysis
Litecoin price started a downside correction below the $ 92.00 and $ 90.00 support levels. LTC price is now trading near the key $ 85.00 support level and is consolidating in a range. It seems like the price is preparing for a nice upward move above the $ 90.00 resistance level. Conversely, a downside break below the $ 85.00 support may push the price towards the $ 80.00 support.
Tron price is still in a bearish zone below the $ 0.0215 and $ 0.0220 resistance levels. TRX price is trading well below $ 0.0210 and it seems like there could be another downside break below the $ 0.0200 support level. The next key support is near the $ 0.0192 level.
Cardano price tested the $ 0.0510-0.0515 support area and it is currently correcting higher. ADA price broke the $ 0.0525 level and it could continue to rise towards the main $ 0.0550 resistance level. The next key resistance is near the $ 0.0565 level.
Looking at the total cryptocurrency market cap 4-hours chart, there were further losses below the $ 300.0B level. The market cap even broke the $ 285.0B and $ 280.0B support levels, dragged by bitcoin’s slide. It seems like this week’s followed declining channel is acting as a strong catalyst for the bears. If the channel remains intact, there is a risk of more losses below the $ 275.0B and $ 270.0B support levels. More importantly, if bitcoin continues to decline, there is a risk of a sharp drop in Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term.