Cryptocurrency Market: Bitcoin, BCH, LTC, ADA, TRX Price Analysis

The cryptocurrency market capitalization spiked upwards yesterday and showed massive gains in the price of bitcoin. All major cryptocurrencies including bitcoin, ethereum, litecoin, bitcoin cash, EOS, Cardano, ripple, Tron, stellar and binance coin.

Key Points:

The total cryptocurrency market capitalization increase by around $15 billion in just a matter of 3 hours.
Bitcoin price surged more than 5% and broke through the major resistance around $5800.
Bitcoin cash spiked upwards, increasing more than 10% and breaking through $400 resistance level.
Litecoin price rallied upwards and broke through $78 resistance level.
Cardano price also followed others and surged over the $0.0700 resistance level.
Tron price also showed bullish momentum and broke above $0.0245 resistance zone.

Bitcoin Price Analysis:

Bitcoin is up by more than 4% in the last 24 hours currently consolidating gains. BTC broke above the major resistance level of $5800 to move into a positive zone. There are chances that the rally may continue and BTC might soon test $5900 and $6000 resistance levels.

Bitcoin Cash Price Analysis:

Bitcoin cash spiked upwards following the bullish moves by BTC and broke above $290, $295 and $300 resistance levels. The overall momentum is very bullish and there and high chances that BCH will test the $310 and $320 resistance levels soon. Strong support is formed around $300 which will most likely stop any downward moves.

Litecoin Price Analysis:

Litecoin surged above the $75 resistance level and is currently trading with a bullish bias. LTC saw a 6% surge in the last 24 hours and even broke above $80 resistance zone recently. The next resistance lies around $85 and $90 above which it might move towards $100 in the short term.

Tron Price Analysis:

Tron followed other major altcoins and bitcoin to rally upwards breaking above $0.0245 resistance level. The trading momentum is quite bullish and there are chances of TRX breaking above $0.02500 resistance level soon.

Cardano Price Analysis:

Cardano has not shown major increases in the last 24 hours however, it is slowly gaining momentum as it recently moved over the $0.0700 resistance level. If ADA is above to move over the $0.0710 resistance zone in the short term, there are chances of a sudden surge in price. Also, a lot of buyers are placed around $0.07000 level which might be able to stop any downward moves.