technical analysis altcoins

Crypto Market at Key Turning Point: BNB, EOS, Bitcoin Cash, Tron (TRX) Analysis

Avatar Aayush Jindal 7 months ago
  • The total crypto market cap seems to be struggling near the $118.0B and $119.0B resistances.
  • EOS price started a downside correction and declined below the $2.85 support level.
  • Binance Coin (BNB) is performing nicely and it is currently up around 2.5% to $9.20.
  • Bitcoin cash price is currently consolidating above the $122 support level.
  • Tron (TRX) price broke a key support and settled below the $0.0250 level.

The crypto market is facing an uphill task, with bearish moves. Therefore, there is a risk of bearish reaction in bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), BCH, ripple, EOS, TRX and ADA.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to stay above the $125 resistance level and later declined against the US Dollar. The BCH/USD pair moved below the $124 level and tested the $122 support. The pair is currently consolidating above the $122 support, with the next immediate support at $120.

If there is a fresh upward move, the price could face a strong resistance near the $125 level. On the downside, a break below the $120 support level might spark heavy bearish moves in the near term.

EOS, Tron (TRX) and BNB Price Analysis

EOS price rallied recently and traded towards the $2.95 and $3.00 resistance levels. Later, it started a downside correction and traded below the $2.85 and $2.80 support levels. The next key support is near $2.75 and $2.72, where buyers are likely to emerge.

Tron started failed to stay above the $0.0270 and $0.0265 support levels. TRX price declined recently and broke the $0.0255 and $0.0250 support levels. The price is currently trading near the $0.0240 level, with an immediate support at $0.0235. The main resistance is at $0.0255 (the previous support level).

Binance coin (BNB) performed really well in the past few days and rallied above the $8.00 and $9.00 resistance levels. BNB even traded above the $9.50 level and later corrected lower. The price is currently trading above $9.10 and it seems like it could revisit the $9.50 resistance in the coming sessions.

Crypto Market Cap BNB EOS BCH Bitcoin TRX

Looking at the total cryptocurrency market cap hourly chart, there was a downside correction from well above the $120.0B level. The market cap declined below the $118.0B support and tested the $115.0B support. It is currently consolidating in a range, plus facing a strong resistance near the $118.0B and $119.0B levels. As long as the market cap is below the $118.0B and $119.0B levels, there is a risk of a downside reaction. On the downside, a break below the $115.0B support could spark bearish moves in bitcoin, ETH, tron, litecoin, EOS, ripple, stellar, litecoin and other altcoins in the near term.

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