Crypto Market In Corrective Decrease: Bitcoin Cash, Tron (TRX), XLM, ADA Analysis
- The total crypto market cap seems to be struggling near the $178.0B resistance area.
- Stellar (XLM) price corrected lower and traded below the $0.1300 support area.
- Bitcoin cash price is down around 6% and it may revisit the $280 support level in the near term.
- Tron (TRX) price is up more than 3% and it is likely to break the $0.0300 resistance area.
- Cardano (ADA) price is down close to 7% and it seems to be heading towards the $0.0800 support.
Bitcoin Cash Price Analysis
Recently, we saw a fresh increase in bitcoin cash price above the $300 and $310 levels against the US Dollar. However, the BCH/USD pair failed to gain traction above the $320 and $325 resistance levels. As a result, there was a downside correction below $310.
The price is down around 6% and it is trading near the $300 level. If there is a downside extension, the price may revisit the $280 support level in the near term.
Stellar (XLM), Tron (TRX) and ADA Price Analysis
Stellar price failed to hold gains above the $0.1320 level and recently corrected lower. XLM price is down around 4% and it recently broke the $0.1300 support level. The next key support is at $0.1265, where buyers are likely to take a stand. On the upside, the previous supports at $0.1300 and $0.1320 are likely to act as strong hurdles for buyers.
Tron price is trading nicely today above the $0.0280 resistance level. TRX price is up more than 3% and it seems like it is setting up for a break above the key $0.0300 resistance level. A successful close above the $0.0300 level could push the price towards the $0.0320 level in the coming sessions.
Cardano price failed to settle above the $0.0900 resistance level and it recently declined below the $0.0880 support level. ADA price is down by more than 6% and it is currently trading below the $0.0850 support level. The next key support is near the $0.0820 level.
Looking at the total cryptocurrency market cap hourly chart, there is a strong resistance formed near the $178.0B and $178.5B levels. There could be a double top pattern forming near the $178.0B level and the market cap might start a corrective decrease in the near term. If it breaks the channel support at $171.0B, it could correct lower towards the $165.0B support and a bullish trend line. Any substantial decline is very unlikely, and bitcoin, Ethereum, EOS, stellar, LTC, ADA, EOS, ripple, TRX and other altcoins could bounce back soon.
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