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

Crypto Market Could Defy Gravity: IOTA Rallies, Bitcoin Cash, TRX, ADA Analysis

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

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  • The total crypto market cap broke a major bearish trend line near the $166.5B resistance.
  • Bitcoin cash price is still struggling and it recently broke the $260 support.
  • Tron (TRX) is currently consolidating losses above the $0.0230 support level.
  • Cardano (ADA) broke the $0.0700 support level and it could now test $0.0650.
  • IOTA (MIOTA) climbed higher sharply by more than 10% and broke the $0.3000 resistance.

The crypto market is slowly moving higher, driven by bullish moves in bitcoin (BTC). IOTA performed really well, while Ethereum (ETH), tron, ripple, LTC, and cardano remain under pressure.

Bitcoin Cash Price Analysis

Bitcoin cash price settled below the $280 support level against the US dollar. The BCH/USD pair attempted an upside correction, but it failed to gain traction above the $275 level. As a result, there was a fresh decline and the price broke the $265 and $260 support levels.

The price even cleared the $255 level and it seems like it could test the $250 support level. On the upside, the previous supports near $260 and $262 are now likely to act as hurdles for the bulls.

Tron (TRX), ADA and IOTA Price Analysis

Tron price remained in a strong downtrend as it broke the $0.0262 and $0.0250 support levels. TRX price is currently trading well below the $0.0240 support level and it is consolidating above the $0.0230 level. The next key supports are near $0.0225 and $0.0220.

Cardano price trimmed most its gains after it broke the key $0.1000 support level. ADA price even broke the $0.0850 and $0.0700 support levels. It seems like the price is under a lot of pressure and it may continue to decline towards the $0.0600 support level. On the upside, the $0.0700 and $0.0745 levels are initial hurdles.

IOTA (MIOTA) performed really well in the past three sessions and gained more than 10%. IOTA price broke the $0.2850 and $0.3000 resistance levels to move into a positive zone. The price is currently consolidating gains and it may correct lower towards the $0.2900 level.

Crypto Market Cap Bitcoin Cash BCH IOTA EOS TRX ADA BTC

Looking at the total cryptocurrency market cap hourly chart, there was a steady recovery above the $165.0B resistance level. The market cap broke a major bearish trend line near the $166.5B level to move into a positive zone. It tested the 61.8% Fib retracement level of the last decline from the $178.4B high to $155.9B low. At the moment, the market cap is trading in a range and it could climb towards the $170.0B or $172.0B resistance level. The main driving force could be bitcoin since most altcoins such as Ethereum, EOS, ripple, WTC, litecoin, BCH, ICX, XMR, and XLM ae currently under a lot of pressure.

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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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