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

Crypto Market At Risk of Weakness: BNB, Litecoin, Bitcoin Cash, TRX Price Analysis

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read

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  • The total crypto market cap is currently declining and broke the $170.0B support level.
  • Binance coin (BNB) price is rebounding and it is currently up around 4% to $23.20.
  • Litecoin (LTC) price broke the $76.00 and $75.00 support levels to move into a bearish zone.
  • Bitcoin cash price is under a lot of pressure below the $285 support area.
  • Tron (TRX) price is extending losses and it may test the $0.0210 support level.

The crypto market cap is currently declining, with bearish moves in bitcoin (BTC) and Ethereum (ETH). BNB is moving higher, whereas litecoin, ripple, bitcoin cash, TRX, XLM and EOS are declining.

Bitcoin Cash Price Analysis

Bitcoin cash price recently declined heavily below the $295 and $290 support levels against the US Dollar. The BCH/USD pair even broke the $285 support level and settled below the $280 level. It traded close to the $272 level and is currently consolidating losses.

On the upside, an initial resistance is near the $285 level, above which the price may rebound towards the next major resistance at $295. On the downside, the main supports are $272 and $270.

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

Binance coin (BNB) price managed to gain bids near the $22.20 level and it recently climbed higher. BNB price is up around 4% and it broke the $23.00 and $23.20 resistance levels. On the upside, the main resistance is at $23.50, above which the price could test the $24.00 level. On the downside, the $23.00 level may act as a support zone.

Litecoin price started a major decline after it broke the $80.00 support area. LTC price broke the key $76.00 and $75.00 support levels to enter a bearish zone. It traded close to the $70.00 support and is currently correcting towards the $75.00 resistance, where sellers may emerge.

Tron price performed really bad in the past few sessions and declined more than 15%. TRX price broke the $0.0300 and $0.0250 support levels. It is currently under a lot of pressure and it seems like sellers might push the price towards the $0.0210 or $0.0200 support area.

Crypto Market Cap Bitcoin Cash BCH BNB TRX EOS LTC

Looking at the total cryptocurrency market cap hourly chart, there was a failed attempt near the $178.5B resistance area. The market cap started a downward move and broke the $175.0B and $172.0B supports. Moreover, there was a break below a connecting bullish trend line near the $170.0B support. It seems like the market cap could extend the current decline and it could move towards the $164.5B or $162.5B support levels. Therefore, there are chances of more weakness 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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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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