Crypto Market In Corrective Decrease: Bitcoin Cash, Tron (TRX), XLM, ADA Analysis

The total crypto market cap seems to be struggling near the $178.0B resistance area.
Stellar (XLM) price corrected lower and traded below the $0.1300 support area.
Bitcoin cash price is down around 6% and it may revisit the $280 support level in the near term.
Tron (TRX) price is up more than 3% and it is likely to break the $0.0300 resistance area.
Cardano (ADA) price is down close to 7% and it seems to be heading towards the $0.0800 support.

The crypto market cap is moving lower, with a corrective decrease in bitcoin (BTC) and Ethereum. Ripple, BCH, stellar (XLM), EOS and Cardano (ADA) are down, while Tron (TRX) is gaining traction.

Bitcoin Cash Price Analysis

Recently, we saw a fresh increase in bitcoin cash price above the $300 and $310 levels against the US Dollar. However, the BCH/USD pair failed to gain traction above the $320 and $325 resistance levels. As a result, there was a downside correction below $310.

The price is down around 6% and it is trading near the $300 level. If there is a downside extension, the price may revisit the $280 support level in the near term.

Stellar (XLM), Tron (TRX) and ADA Price Analysis

Stellar price failed to hold gains above the $0.1320 level and recently corrected lower. XLM price is down around 4% and it recently broke the $0.1300 support level. The next key support is at $0.1265, where buyers are likely to take a stand. On the upside, the previous supports at $0.1300 and $0.1320 are likely to act as strong hurdles for buyers.

Tron price is trading nicely today above the $0.0280 resistance level. TRX price is up more than 3% and it seems like it is setting up for a break above the key $0.0300 resistance level. A successful close above the $0.0300 level could push the price towards the $0.0320 level in the coming sessions.

Cardano price failed to settle above the $0.0900 resistance level and it recently declined below the $0.0880 support level. ADA price is down by more than 6% and it is currently trading below the $0.0850 support level. The next key support is near the $0.0820 level.

Looking at the total cryptocurrency market cap hourly chart, there is a strong resistance formed near the $178.0B and $178.5B levels. There could be a double top pattern forming near the $178.0B level and the market cap might start a corrective decrease in the near term. If it breaks the channel support at $171.0B, it could correct lower towards the $165.0B support and a bullish trend line. Any substantial decline is very unlikely, and bitcoin, Ethereum, EOS, stellar, LTC, ADA, EOS, ripple, TRX and other altcoins could bounce back soon.

The post Crypto Market In Corrective Decrease: Bitcoin Cash, Tron (TRX), XLM, ADA Analysis appeared first on NewsBTC.

08.04.2019 / 23:10 34
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