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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin And Crypto Market Facing Hurdles: BCH, Tron, XLM, ADA Analysis

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
technical analysis altcoins

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  • The total crypto market cap is currently correcting higher towards the $240.0B resistance.
  • Stellar (XLM) price is performing nicely and it is up more than 5% above the $0.0750 resistance.
  • Bitcoin cash price is likely to break the $300 resistance area in the near term.
  • Tron (TRX) price is facing hurdles near the key $0.0200 resistance area.
  • Cardano (ADA) price is consolidating below the key $0.0450 and $0.0465 resistance levels.

The crypto market cap and bitcoin (BTC) are correcting higher. Ethereum, BCH, ripple, stellar (XLM), EOS, TRX, and cardano (ADA) are trading near key resistances.

Bitcoin Cash Price Analysis

After a downside correction, BCH price found support near the $285 area against the US Dollar. As a result, the price started a fresh increase and traded above the $295 level. On the upside, an immediate resistance is near the $300 level, above which the price is likely to struggle near the $308 level.

On the downside, an initial support is near the $290 level. However, the main supports are near the $285 and $280 levels, below which the price could retest $265.

Stellar (XLM), Tron (TRX) and ADA Price Analysis

Stellar price is still following a bullish path above the $0.0700 support area. XLM price is up more than 5% today and it is trading nicely above the $0.0750 level. On the upside, an immediate resistance is near the $0.0795 and $0.0800 levels, above which the price could trade towards the $0.0820 level.

Tron price is currently consolidating below the $0.0200 resistance area. TRX price is likely to clear the $0.0200 resistance area and trade towards the $0.0212 and $0.0220 resistances. Conversely, it could retest the $0.0180 support area in the near term.

Cardano price is currently trading in a range above the $0.0420 support level. ADA price is facing a strong resistance near the $0.0450 level. If there is a clear break above the $0.0450 and $0.0465 resistance levels, the price could continue to rise towards the $0.0500 resistance area.

Looking at the total cryptocurrency market cap 4-hours chart, there was a decent recovery from the $225.0B support area. The market cap climbed back above the $232.0B level. However, it is facing a lot of hurdles near the $240.0B level. The main hurdle on the upside is near the $250.0B level.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC
Crypto Market Cap

Moreover, there is a connecting bearish trend line forming with resistance near the $242.0B level. Therefore, an upside break above $242.0B is needed for a decent upward move. If not, there are chances of another decline in bitcoin, Ethereum, EOS, stellar, LTC, ADA, EOS, ripple, TRX and other altcoins in the near term.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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