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Crypto Market Near Decisive Support: Bitcoin Cash, Litecoin (LTC), EOS, XLM Analysis

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Crypto Market Near Decisive Support: Bitcoin Cash, Litecoin (LTC), EOS, XLM Analysis

The total crypto market cap is currently above the key $160.0B support area.Litecoin (LTC) price is down more than 5% and it recently broke the $80.00 support zone.Bitcoin cash price performed really well after BSV was delisted from binance.EOS price failed to hold gains and traded below the $5.45 and $5.40 support levels.Stellar (XLM) price is correcting lower and it is likely to test the $0.1100 support area.The crypto market cap is near a crucial support near $160.0B, If its holds, there could be a rebound in bitcoin (BTC), Ethereum (ETH), litecoin, ripple, bitcoin cash, EOS, tron (TRX), stellar (XLM), and other altcoins.Bitcoin Cash Price AnalysisBitcoin cash price climbed higher recently and settled above the $300 support area against the US Dollar. The BCH/USD pair gained traction after a major cryptocurrency exchange, binance decided to delist bitcoin SV. There was a sharp upward move in BCH/USD and the price surged above the $310 level.There are many positive signs on the charts and it seems like the price may continue to rise towards the $320 and $325 levels in the near term. On the downside, the main supports are $300 and $295.Litecoin (LTC), EOS and Stellar (XLM) Price AnalysisLitecoin price struggled to gain momentum above the key $82 and $84 levels. LTC started a fresh downward move and broke the $80 support. The price is down more than 5% and it is currently trading near $78. If there are more losses, the price may revisit the $75 support area.EOS price traded above the $5.40 level recently, but it failed to clear the $5.55 resistance area. As a result, there was a fresh decline and the price broke the $5.40 support area. The next key support is at $5.35, below which there is a risk of a push towards the $5.30 support area.Stellar price remained in a bearish zone and it recently traded below the $0.1150 support level. XLM price is likely to extend the current decline towards the $0.1100 support area, where buyers are likely to emerge.Looking at the total cryptocurrency market cap hourly chart, there was a decent recovery from the $158.0B and $160.0B support levels. The market cap climbed above the $165.0B level, but it failed to overcome the $170.0B resistance. There was a bearish reaction and the market cap declined towards the $160.0B support and a connecting bullish trend line. As long as the market cap is above the trend line and $158.0B, it could climb higher. Conversely, a downside break below $158.0B might increase selling pressure on bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX and other altcoins in the coming sessions.

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Author: Aayush Jindal

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