Crypto Market Update: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis
- The total crypto market cap failed to hold gains above $120.00B and declined to $115.00B.
- Stellar (XLM) price is holding the $0.1000 support very well and it could gain traction.
- Bitcoin cash price may correct lower towards the $125 support level.
- Tron (TRX) declined below $0.0250 and it could find support near the $0.0240 level.
- Cardano (ADA) price is trading nicely above the $0.0420 and $0.0440 support levels.
The crypto market failed to hold gains and declined following Ethereum’s slide. Bitcoin, BCH, ETH, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA) also corrected lower.
Bitcoin Cash Price Analysis
After a decent upward move, there was a bearish reaction from the $135 resistance in bitcoin cash against the US Dollar. BCH/USD declined below $130 and it is currently consolidating losses. An initial support is at $125, below which it could revisit the $120 support.
On the upside, a close above the $132 and $135 resistance levels is must for an upside acceleration towards $140 and $145 in the near term.
Stellar (XLM), Tron (TRX) and ADA Price Analysis
Stellar price retreated from well above $0.1150 and declined below the $0.1100 support. However, XLM is still well supported above the $0.1050 and $0.1000 support levels, and it may soon bounce back.
Tron price started a downside correction below the $0.0280 support and tested the $0.0230 support. TRX is currently consolidating near $0.0240 and it may slowly climb above $0.0250 and $0.0262 in the near term.
Cardano price tested the $0.0400 support recently and bounced back. ADA is currently trading near $0.0440 and it may continue to rise towards the $0.0450 and $0.0472 in the coming sessions. On the downside, the main supports are $0.0432 and $0.0420.
Looking at the total cryptocurrency market cap hourly chart, there was a bearish reaction from the $120.00B-121.00B resistance zone. The market cap declined and tested the $115.00B support. It is currently correcting higher, but there are many hurdles on the upside near the $118.00B, $119.00B and $120.00B levels. Therefore, it seems like upsides might be capped in the short term, and bitcoin (BTC), Ethereum, EOS, stellar, LTC, ripple, TRX and other altcoins may continue to consolidate.
The post Crypto Market Update: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis appeared first on NewsBTC.
by Aayush Jindal on January 16, 2019 at 11:30AM