technical analysis altcoins

Crypto Market Rebounds: Bitcoin Cash, EOS, Stellar (XLM), Tron (TRX) Price Analysis

Avatar Aayush Jindal 5 months ago
  • The total crypto market cap rebounded nicely and tested the $114.00B resistance level.
  • Bitcoin cash is up more than 7% and it broke the $115 and $116 resistance levels.
  • EOS price is gaining momentum and it could test the $2.40 resistance level.
  • Stellar (XLM) is correcting higher, with resistances near the $0.0900 and $0.0940 levels.
  • Tron (TRX) is currently flat above the $0.0270 support level, with range moves.

The crypto market started a solid rebound from lows. Bitcoin (BTC), BCH, Ethereum, EOS, ripple, stellar (XLM), tron (TRX) and other major altcoins gained momentum, with positive moves.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a solid support near the $110 level and later corrected higher against the US Dollar. BCH/USD gained traction and broke $115 and $116 resistance levels. The price is currently trading just below the $120 resistance level.

Going forward, there are chances of more gains above the $120 and $122 resistance levels. On the downside, the main supports are $116 and $115.

EOS, Stellar (XLM) and Tron (TRX) Price Analysis

EOS price tested the $2.20 support level recently and later started a decent recovery. It broke the $2.25 and $2.30 resistance levels, and now it seems like the price might climb towards the $2.40 resistance level.

Stellar price broke the $0.1000 support level recently and moved into a bearish zone. XLM tested the $0.0820 support and it is currently correcting higher. However, there are many hurdles for buyers on the upside such as $0.0900 and $0.0940.

Tron price is currently consolidating above the $0.0270 support level. TRX needs to surpass the $0.0280 and $0.0285 resistance levels to start a fresh upward move. If it fails to move pas $0.0285, there is a risk of a downside move towards the $0.0265 support level.

Crypto Market Cap, Bitcoin (BTC), BCH, Ethereum, EOS, ripple, stellar (XLM), tron (TRX)

Looking at the total cryptocurrency market cap hourly chart, there was a solid recovery above the $108.00B and $110.00B resistance levels. The market cap even broke the $112.00B resistance and tested the $114.00B zone, where sellers emerged. In the short term, there could be a downside correction, but there are many supports near $111.00B and $110.00B. Therefore, dips in bitcoin, Ethereum, EOS, ripple, LTC, bitcoin cash, XLM, TRX, and other altcoins remain supported.

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