Crypto Market Rebounds: Litecoin (LTC), Bitcoin Cash, Tron (TRX), ADA Price Analysis
- The total crypto market cap is showing signs of a recovery above the $ 108.50B support level.
- Litecoin (LTC) price is gaining momentum and it could trade above the $ 35.00 resistance.
- Bitcoin cash price is currently consolidating below the $ 120 resistance level.
- Tron (TRX) is up more than 8% and it broke the $ 0.0275 resistance zone.
- Cardano (ADA) price is trading flat just above the $ 0.0375 support level.
Bitcoin Cash Price Analysis
Bitcoin cash price declined below the $ 120 support recently against the US Dollar. BCH/USD tested the $ 118 support level and it is currently consolidating in a tight range. The next move could be either above the $ 120 resistance or below the support level.
If sellers push the price below the $ 118 support, there could be a downside extension towards the $ 115 or $ 112 support level.
Litecoin (LTC), Tron (TRX) and Cardano (ADA) Price Analysis
Litecoin price remained in a positive zone above the $ 30.00 and $ 32.00 support levels. LTC recently climbed above the $ 34.00 resistance and it seems like it could continue to move higher. The next resistance is at $ 35.00, above which the price may perhaps rally towards the $ 38.00 level in the near term.
Tron price once again performed really well and traded above the $ 0.0265 and $ 0.0270 resistance levels. TRX is up more than 8% and it seems like buyers are looking for a test of the $ 0.0285 resistance. On the downside, the previous resistances at $ 0.0270 and $ 0.0265 are likely to act as supports.
Cardano price settled below the $ 0.0392 and $ 0.0385 resistance levels. ADA tested the $ 0.0370 support level and it is currently trading flat near the $ 0.0275 level.
Looking at the total cryptocurrency market cap hourly chart, there is a strong support formed near the $ 108.00B level and a bullish trend line. If the market moves above the $ 110.00B resistance and a bearish trend line, there could be a decent recovery in the near term. Therefore, bitcoin, Ethereum, XLM, litecoin, ripple, TRX, BCH, ADA, EOS and other altcoins could correct higher.
More at https://www.newsbtc.com/2019/02/05/crypto-market-rebounds-litecoin-ltc-bitcoin-cash-tron-trx-ada-price-analysis/