Crypto Market & Bitcoin Poised for Declines: BCH, Litecoin, TRX, XLM Analysis
- The total crypto market cap is under a lot of pressure below the $260.0B and $270.0B resistances.
- Bitcoin price is down more than 2% and it is currently trading well below $9,600.
- Litecoin (LTC) price failed to stay above the key $90 support and it could extend downsides.
- BCH price slowly moving lower towards the main $300 support level.
- Tron (TRX) price broke the $0.0220 support and it may soon test the $0.0210 support.
- Stellar (XLM) price is declining and it is likely to revisit the $0.0800 support level in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price corrected higher recently above the $310 level against the US Dollar. However, the BCH/USD pair failed to extend gains above the $320 resistance and started a fresh decline. It is now approaching the $300 support level and it might continue to slide in the near term.
If there is a downside break below the $300 support, the price could revisit the $290 and $285 support levels. On the upside, a close above the $320 and $325 resistance levels is needed for a solid upward move.
Litecoin (LTC), Tron (TRX) and Stellar (XLM) Price Analysis
Litecoin price remained well below the $100 resistance level and failed to gain bullish momentum. LTC price traded below the $95 and $92 support levels recently to move into a bearish zone. It is now trading below the $90 support and it could continue to slide towards the $85 level.
Tron price is extending losses below the $0.0225 and $0.0220 support levels. TRX price is under a lot of pressure and it seems like it might even struggle to hold the $0.0210 support. The main support is near $0.0200, below which the price could collapse towards $0.0180.
Stellar price struggled on many occasions to clear the $0.0980 and $0.1000 resistance levels. As a result, there was a bearish reaction and the price recently traded below the $0.0850 support level. The next key support is near the $0.0800 level, followed by $0.0782.
Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline below the $270.0B and $260.0B support levels. The market cap is currently struggling to hold the main $248.0B-250.0B support area. If there is a downside break, the next major support is near the $235.0B level. On the upside, there are a few key hurdles near $260.0B, $265.0B, and a bearish trend line. As long as the market cap is below $265.0B, there could be more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, BNB, TRX, ADA, XMR, and other altcoins in the coming sessions.