Crypto Market Targets Fresh Highs: Bitcoin Cash, EOS, XLM, TRX Price Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap declined recently, but it found support near the $126.5B level.
Bitcoin cash price corrected lower and declined below the $146 and $145 support levels.
EOS price is currently consolidating gains above the $3.85 support area
Stellar (XLM) corrected higher, but it struggled to break the $0.0920 resistance area.
Tron (TRX) is confined in a range below the $0.0255 resistance area.

The crypto market is holding a crucial support and it could bounce back. Bitcoin (BTC), BCH, Ethereum, EOS, ripple, stellar (XLM), tron (TRX) and other major altcoins are likely to grind higher.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price started a downside correction after it failed near the $150 resistance area against the US Dollar. The BCH/USD pair slowly declined and it recently broke the $146 and $145 support levels. The price is currently trading below $145, with supports near the $144, $142 and $140 levels.

On the upside, the price could face sellers near $146 before it retests the $148 resistance. The main resistance for buyers is near the $150 level, above which the price will most likely trade towards $155 in the coming days.

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

EOS price remained in a solid uptrend and it recently broke the $3.80 and $3.85 resistance levels. The price settled above the $3.85 level and it is currently consolidating gains. On the upside, an initial resistance is at $3.90 and $3.92, above which the price could revisit the key $4.00 resistance area. On the downside, a break below $3.85 may push the price towards the $3.80 support.

Stellar price started an upside correction and it recently broke the $0.0850 resistance level. However, XLM price failed to gain strength above the $0.0920 resistance and later corrected lower. On the downside, supports are visible near the $0.0850 and $0.0820 levels.

Tron price mostly traded in a broad range above the $0.0450 support area. TRX price recently tested the $0.0255 resistance, where sellers emerged. The price declined again below $0.0250 and it may revisit the $0.0245 support area in the near term.

Looking at the total cryptocurrency market cap hourly chart, there was a spike above the $132.5B resistance level. However, the market cap failed to stay above the $132.0B level and later declined. It broke the $130.0B support and tested the key $126.5B support area. Later, the market cap bounced back, but it is facing sellers near the $130.0B resistance level. Therefore, there could be a few bearish moves before the crypto market cap attempts to retake the $130.0B and $132.0B resistance levels. Overall, there could be short-term bearish moves in bitcoin, Ethereum, EOS, ripple, LTC, bitcoin cash, XLM, TRX, and other altcoins before fresh increase.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.