- The total crypto market cap broke a major bearish trend line near the $166.5B resistance.
- Bitcoin cash price is still struggling and it recently broke the $260 support.
- Tron (TRX) is currently consolidating losses above the $0.0230 support level.
- Cardano (ADA) broke the $0.0700 support level and it could now test $0.0650.
- IOTA (MIOTA) climbed higher sharply by more than 10% and broke the $0.3000 resistance.
Bitcoin Cash Price Analysis
Bitcoin cash price settled below the $280 support level against the US dollar. The BCH/USD pair attempted an upside correction, but it failed to gain traction above the $275 level. As a result, there was a fresh decline and the price broke the $265 and $260 support levels.
The price even cleared the $255 level and it seems like it could test the $250 support level. On the upside, the previous supports near $260 and $262 are now likely to act as hurdles for the bulls.
Tron (TRX), ADA and IOTA Price Analysis
Tron price remained in a strong downtrend as it broke the $0.0262 and $0.0250 support levels. TRX price is currently trading well below the $0.0240 support level and it is consolidating above the $0.0230 level. The next key supports are near $0.0225 and $0.0220.
Cardano price trimmed most its gains after it broke the key $0.1000 support level. ADA price even broke the $0.0850 and $0.0700 support levels. It seems like the price is under a lot of pressure and it may continue to decline towards the $0.0600 support level. On the upside, the $0.0700 and $0.0745 levels are initial hurdles.
IOTA (MIOTA) performed really well in the past three sessions and gained more than 10%. IOTA price broke the $0.2850 and $0.3000 resistance levels to move into a positive zone. The price is currently consolidating gains and it may correct lower towards the $0.2900 level.
Looking at the total cryptocurrency market cap hourly chart, there was a steady recovery above the $165.0B resistance level. The market cap broke a major bearish trend line near the $166.5B level to move into a positive zone. It tested the 61.8% Fib retracement level of the last decline from the $178.4B high to $155.9B low. At the moment, the market cap is trading in a range and it could climb towards the $170.0B or $172.0B resistance level. The main driving force could be bitcoin since most altcoins such as Ethereum, EOS, ripple, WTC, litecoin, BCH, ICX, XMR, and XLM ae currently under a lot of pressure.
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