The cryptocurrency market has struggled in recent weeks with the price of most coins dropping in value from the strong bullish run in January and early February. The last week of February was a tough one as the total marketcap of the ecosystem dropped from $283billion to its current value of $249billion.
However, the last 24 hours have shown promises ahead of the first week of trading in the new month. Majority of the coins are in the green zone led by top coin Bitcoin which is currently valued at $8,753.
As the Bitcoin halving comes closer, we may get a renewed bullish rally by March. These strong sentiments bode well for other altcoins that generally follow the direction of the leading coin.
Cardano (ADA) Price Analysis
Cardano (ADA) has been unspectacular in its change of price in recent days. These could be due to the anticipation within its ecosystem for the release of its highly anticipated Shelley Mainnet.
Its native token ADA recorded slight gains of 0.76% in the last 24 hours of trading, ADA is currently valued at $0.047 and ranked 12th on the coin rankings. Looking at the current market trend, the next resistance point may be $0.050 if the trend contnues upward. While a drop in value would see the price test the $0.045 support levels.
However, Cardano has been performing slightly great in the market since the start of trading hours today.
Tron (TRX) Price Analysis
Tron continues to be one of the proactive blockchain projects in the market and a key player in the Dapp sector, coupled with the fact that it is lagging behind in terms of price growth. However, this has not translated to a huge increase in price for the altcoin, but expectations are that TRX will make more gains as soon as the market resumes fully on the upside trend.
Its native token TRX made a gain of 1.51% on the USD in the last 24 hours and is currently valued at $0.017. If the coin is able to stay on the upside trend firmly for the next few hours, the next major resistance point will be $0.020. However, a drop in price would see the coin drop to around $0.015 support levels.
Litecoin(LTC) Price Analysis
Litecoin is another coin that is in the green zone in the last 24 hours of trading with the cryptocurrency presenting a gain of 0.69% to the USD. LTC is currently valued at $59.68 and the current trend looks to be bearish at the moment.
Looking at predictions, if the current trend continues, LTC next support levels is around $55 while an upturn in value would see the next psychological barrier at $65 mark.