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- The crypto market is witnessing another red day with BTC coming close to $9k and Ethereum going down below $250.
- Other altcoins like a ripple, litecoin, stellar lumens are also facing major pricing corrections.
- The overall market capitalization of the crypto market is $261,960,794,560 with the 24H volume traded of $167,182,822,367. The market dominance of BTC is somehow rising and has reached to 64.1%.
Bitcoin SV (BSV) Price Analysis
BSV is facing heavy pricing corrections with -12.47% overall loss in the market. The current price is of $235.47 with the market cap of $4,308,193,472 and the 24H volume traded of $2,847,800,674.
BSV was showing tremendous positive performance in this month before the crypto market went red. It touched $380 mark with no resistance in between the momentum.
But the sharp rising rally resulted in major pricing corrections which forced BSV to go below $300 mark which hasn’t been good as it is on its critical support level of $230.00 now.
BSV has been one of the most volatile crypto assets this year. A further downfall below $200 which indicate that BSV bears are here for a stay.
Bitcoin Cash (BCH) Price Analysis
Bitcoin Cash is also on the downside in today’s market. It is facing an overall loss of -7.94% which has brought the current price to $338.49. The market capitalization is of $6,194,029,339 and the 24H volume traded is $5,408,499,165.
The downtrend forced BCH to go below the major level of $350.00 which was proved to be a major support level for the crypto assets during the downtrend for the past few days.
The break has indicated that BCH might continue to fall and reach another critical support level of $300. But, closing above $350.00 may provide BCH the needed positive boost.
Tron (TRX) Price Analysis
The market forces have affected Tron also as it is facing an overall loss of -10.80% in today’s market. Tron started today’s market with a level of $0.019 and went to $0.016. This was the lowest level for Tron in this month.
However, it acted as a support level for the altcoin and bounced back which brought the current price to the level of $0.017. The market capitalization is of $1,159,151,006 and the 24H volume trade is of $1,812,604,462.
Tron has been provided regular fundamental support by its community and CEO Justin Sun. However, the market forces can put more impact on the altcoin as compared to fundamentals.
Any further downfall below the level of $0.016 will indicate more downfall for Tron. However, if it manages to surpass the level of $0.020, it can be a positive sign for bullish momentum.
Tezos (XTZ) Price Analysis
Tezos is again on a downward shift in today’s market. It is facing an overall loss of -10.14%. But the main concern for the altcoin has been breaking the major resistance of $3.00.
At the starting of the month, Tezos broke this resistance where it was having bullish momentum. But the negative momentum starting in the market since the past few days back forced tezos prices to go below the major resistance level.
Today also, it made a failed attempt to cross $3.00 mark which brought the current price to $2.69. The market capitalization is of $1,885,671,952 and the 24H volume traded is of $232,712,821.
If tezos manages to surpass the major resistance of $3.00, we can expect a positive momentum from thereon. But if the downfall persists for the altcoin, any price drop below the critical support level of $2.20 will indicate a sustainable downtrend.
Cardano (ADA) Price Analysis
Cardano is also on the negative momentum in today’s market. It is facing an overall loss of -7.47%. The current price is $0.052 with the market cap of $1,367,719,602 and the 24H volume traded of $176,195,992.
After going down below the major support level of $0.058, it is expected that bears will sustain for Cardano. However, if it manages to surpass the level of $0.06, it can be treated as a positive sign to start another bullish momentum
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
