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

Crypto Market Update: Bitcoin Cash, Tron (TRX), ADA, IOTA Price Analysis

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

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  • The total crypto market cap declined heavily and broke the $115.00B support level.
  • Bitcoin cash extended losses and traded below the $130 support level.
  • Tron (TRX) started a downside move and traded below the $0.0250 support level.
  • Cardano (ADA) is moving lower and it may soon test the $0.0400 support zone.
  • IOTA (MIOTA) is down more than 7% and it recently broke the $0.3000 support.

The crypto market is under a lot of selling pressure, dragging bitcoin (BTC) and Ethereum below key supports. Moreover, ripple, Litecoin (LTC), Tron (TRX), IOTA and Cardano (ADA) also fell significantly.

Bitcoin Cash Price Analysis

Bitcoin cash price started a major downside move from well above the $160 support. BCH/USD broke the $150 and $140 support to enter a bearish zone. Recently, sellers pushed the price below the $130 support and pushed it towards the $120 support.

The price is currently consolidating losses near $125, with an immediate resistance at $130. The main hurdle is near $135 and $140 levels, above which the price could test $150. On the downside, below $120, the price may test $100.

Tron (TRX), ADA and IOTA Price Analysis

Tron price remained a strong upward move this past week, but the recent decline in BTC and ETH dragged it lower. TRX price recently declined below the $0.0280 and $0.0250 support levels. The next key support is at $0.0220 where buyers may emerge.

Cardano price retreated from the $0.0500 resistance and declined below $0.0450. ADA is now approaching the $0.0400 support, which is likely to produce a short term bounce.

IOTA (MIOTA) came under a lot of pressure and it recently declined below the $0.3200 and $0.3000 support levels. The price is down around 7% and it seems like sellers may push it towards the $0.2800 support.

Crypto Market Cap BTC ETH BCH TRX ADA IOTA

Looking at the total cryptocurrency market cap hourly chart, there was a sharp bearish turn from well above the $135.00B level. The market cap broke the $130.00B and $120.00B support levels to enter a bearish zone. It recently broke the $115.00B support and tested the $112.30B level. If there is an upside correction, the previous supports at $118.00B and $120.00B may act as hurdles for buyers. Therefore, upsides in bitcoin, Ethereum, EOS, ripple, litecoin, BCH, ICX, EOS, XLM, and other altcoins are likely to remain capped.

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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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