As of today, the total cryptocurrency market capitalization is recording certain bearish signs below the resistance area of $248.0 Billion. Some of the leading crypto coins are still struggling to climb up.
Price Analysis For Bitcoin Cash
There was recently a decent surge in the price of Bitcoin Cash. It managed to surpass the main resistance area of $285 against the US Dollar. The pair of Bitcoin Cash and US Dollar is now somewhere next to the main resistance area of $300. This is where the bears are now putting up a fight. Should there be an upside break, the price might even move high to $320. Alternatively, there could also be a downside correction below the price of $295. The closest support will be in the region of $285, and closely followed by the support area in the level of $280.
Analyzing Other Major Crypto Coins
Other major crypto coins that have been analyzed include ADA, Binance Coin, as well as the Bitcoin SV Coin. The latter has had some price growth in the past couple of days. It had its price move from the resistance level of $125 to $130, which was great. As a matter of fact, the price of this coin managed to break the resistance of $135. At the moment, it is consolidating below the resistance level of $140. The commentators even think the price might soon test the highs of $150. However, this might only happen when there is an upside break of $140.
Binance And Cardano
Binace Coin traded at a range that was above the support levels of $20.00 and $20.20. The price of this coin is now facing certain hurdles. Cardano, on the other hand, recorded an uprise towards the resistance area of $0.0465. At the moment, ADA price is below the resistance level of $0.0450. It had earlier tried to go past the resistance level of $0.0465 but failed. Should there be more downsides, the next support for this coin will be in the region of $0.0425. But on the brighter side, the resistance levels of $0.0450 and $0.0465 are the best for the coin.
Revisiting The Total Market Cap
There are some few bearish signs that are emerging from the crypto market cap chart. The signs are below the resistance levels of $250.0 billion and $248.0 billion. It appears like the market cap is slowly losing the momentum, having broken the bullish trend in the support area of $244 billion. Thus, there are possible chances of bearish wave in some of the leading coins such as ADA, Tron, XLM, BCH, ICX, EOS, and a number of other coins. This might happen in the future sessions. There are still some barriers for the bulls in the levels of $250.0 and $248.0 billion.