- The total crypto market cap tumbled and declined more than $20.00B in the past 2 hours.
- Stellar (XLM) price is down more than 15% and tested the $0.1000 support.
- Bitcoin cash price tumbled 20% and broke the $150 and $140 support levels.
- Tron (TRX) trimmed most its recent gains and traded below the $0.0280 level.
- Cardano (ADA) price is down around 20% and traded below the $0.0450 support level.
Bitcoin Cash Price Analysis
The past three sessions saw a solid rise in selling interest, resulting in a sharp decline in bitcoin cash from well above the $150 support. BCH/USD is down around 20% and it broke the $150 and $140 support levels. The price is currently trading near the $130 level, with an immediate support at $124.
On the upside, an initial resistance is near the $135 level, above which the $140 level may act as a solid resistance for buyers.
Stellar (XLM), Tron (TRX) and ADA Price Analysis
Stellar price started a downside move from well above the $0.1200 level. XLM broke the key $0.1150 and $0.1100 support levels. The price is currently consolidating above the $0.1000 level, and it may correct a few points.
Tron price rallied recently and broke the $0.0300 barrier. However, the recent downturn in bitcoin resulted in a drop in TRX below the $0.0300 support. The price is down around 15% and it may soon test the $0.0240 support.
Cardano price retreated after testing the $0.0540 and $0.0550 resistance levels. ADA is down 20% and it is currently trading below the $0.0450 support. The next key support is at $0.0420 and resistance is at $0.0450.
Looking at the total cryptocurrency market cap hourly chart, there was a strong downward move from the $135.70B swing high. The market cap declined below many key supports such as $130.00B and $125.00B. It tested the $116.00B level and remains at a risk of more losses. Therefore, bitcoin, Ethereum, EOS, stellar, litecoin, ripple, icon, TRX and other altcoins may extend losses in the near term.
The post Crypto Market Turned Bearish: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis appeared first on NewsBTC.
A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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