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

Bitcoin, Crypto Market Cap Holding Crucial Support: BCH, BNB, LTC, TRX Analysis

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

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Created by industry experts and meticulously reviewed
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  • The total crypto market cap surged towards $380.0B before correcting towards the $325.0B support.
  • Bitcoin price rallied towards the $14,000 level before it corrected sharply towards the $12,000 support.
  • Binance coin (BNB) price corrected lower and tested the key $35.00 support area.
  • Litecoin (LTC) price is holding the main $130.00 support area.
  • Bitcoin cash price failed to stay above the $500 level and it recently corrected towards $480.
  • Tron (TRX) price is down more than 5% and it is currently trading near the $0.0360 support.

The crypto market cap, bitcoin (BTC) and Ethereum (ETH) are holding important uptrend supports. Conversely, there were a few bearish moves in BNB, litecoin, ripple, bitcoin cash, TRX, XLM and EOS.

Bitcoin Cash Price Analysis

There were sharp gains in bitcoin cash price above the $480 and $500 levels against the US Dollar. The BCH/USD pair even spiked above the $510 level, but it failed to continue higher. As a result, there was a downside correction below the $500 and $490 support levels.

The price is now trading above the $480 support and it seems like it could recover towards the $495 or $500 resistance level in the near term. Conversely, if there is a downside break below $480, the price is likely to retest the main $460 support level.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price failed to push above the $40.00 resistance and it recently declined below the $38.00 and $37.20 support levels. BNB price is now trading just above the $35.00 support, with a few positive signs.

Litecoin price is still struggling to clear the $140.00 and $142.00 resistance levels. LTC price declined below the $134.00 support and it recently tested the $130.00 support. If there are more losses, the price may even slide towards the $125.00 support area.

Tron price made a nice attempt to climb above the $0.0390 and $0.0395 resistance levels, but it failed. TRX price is down around 5% and it broke the $0.0375 and $0.0370 support levels. The next key support is near the $0.0360 level. On the upside, the main resistance is now at $0.0375.

Bitcoin Crypto Market Cap Altcoins ETH, XRP, BCH, LTC, EOS, TRX, ADA

Looking at the total cryptocurrency market cap hourly chart, there was a strong rise above the $325.0B resistance level. The market cap gained more than $50.0B and surged towards the $380.0B level. A swing high was formed near $380.7B before there was a sharp downside correction. It broke the key $350.0B support level and revisited the last major hurdle at $325.0B, which now acted as a support. The market cap recovered and it seems like there could be a fresh increase in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM 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
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