Analysis Technical

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

Aayush Jindal | February 15, 2019 | 6:00 am
technical analysis altcoins
Analysis

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

Aayush Jindal | February 15, 2019 | 6:00 am
  • 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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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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