The altcoin market remains in a position that signals a big downtrend. Meanwhile, the total crypto market cap has added around $4 billion overnight, after declining heavily yesterday and sitting near the $202 billion area.
In the previous two days, the Bitcoin Cash news showed that there was an increase in selling pressure and it declined below the $215 support area agains the US Dollar. The price tested the $200 support area and is currently correcting higher. On the upside, there are a lot of hurdles for buyers near the $220, $225 and $230 levels.
On the downside, the main support is near the $205 and $200 levels, and a daily close below the $200 support might start a sharp decline in the coming sessions. The price of Binance Coin (BNB) is also in the news as the altcoin market remains sluggish. BNB broke the $16.50 support area recently but is still trading above the $16.20 support line. This implies that there are big chances of an upside correction towards the $17.20 and $17.50 resistance levels in the near term.
As the Litecoin news show, the LTC price declined below the $51.00 support area and settled below $50.00. LTC price tested the $47.00 area and is currently correcting higher. However, the previous support near the $50.00 and $51.00 levels are likely to act as strong barriers for the bulls in the coming sessions.
The EOS price declined heavily and tested the $2.550 support area. This price is currently correcting higher and is trading above the $2.650 level. However, the previous support near the $2.850 level is likely to act as a strong resistance for the altcoin bulls.
As the altcoin market remains in shock triggered by Bitcoin’s fall yesterday, we can see that the hourly chart posts decline too. For the total cryptocurrency market cap, we can see a sharp decline below the $205 billion and $200 billion support levels. This opened the doors for more losses and the market cap declined towards the $190 billion level.
The entire market is correcting higher as we speak. However, the altcoin market remains slow and it seems like the previous support at $200 billion and $2015 billion are likely to prevent gains. On the downside, we can see support near even lower regions – and in overall the upsides might be limited in Bitcoin, Ethereum, EOS, Litecoin, Ripple, ADA, BCH, TRX, XMR and other altcoins.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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