Crypto Market Turned Bearish: BNB Shoots Up, EOS, Bitcoin Cash, TRX Analysis

Aayush Jindal

Last Updated: June 11, 2024 1:01 pm

2 mins read

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The total crypto market cap is holding the key $120.0B support, but it remains at a risk of more losses.
EOS price fell more than 5% and it broke the $3.50 and $3.40 support levels.
Binance Coin (BNB) outperformed and rallied more than 8% above $12.20.
Bitcoin cash price tested the $125 support and it could decline further in the near term.
Tron (TRX) price tested the key $0.0220 support level and it is currently consolidating.

The crypto market is under a lot of selling pressure, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB) is holding the ground, while BCH, ripple, EOS, TRX and ADA extending losses.

Bitcoin Cash Price Analysis

Bitcoin cash price extended losses below the $130 support level against the US Dollar. The BCH/USD pair broke the $128 and $126 support levels and it recently tested the $125 support. The price is currently consolidating in a range and it seems like there could be a downside spike towards the $124 or $122 support level.

On the upside, an initial resistance is near the $128 level. The main resistance is near the $130 level, above which the price could move into a positive zone in the near term.

EOS, Tron (TRX) and BNB Price Analysis

EOS price reversed most its gains and declined below the $3.60 support level. Sellers gained pace below the $3.50 and $3.40 support levels recently. It tested the $3.25 support level and it seems like sellers are aiming for the $3.15 support level. On the upside, there are many hurdles near $3.35, $3.40 and $3.50.

Tron price settled below the key $0.0240 support level and moved into a bearish zone. TRX price is currently trading above the $0.0220 support and consolidating losses. In the short-term, there could be a minor correction towards the $0.0235 and $0.0240 resistance levels.

Binance coin (BNB) outpaced all major cryptocurrencies and held the crypto market. BNB price rallied above the $12.00 and $12.20 resistance levels. It is currently up more than 8% and it could continue to rise towards the $12.50 resistance level.

Looking at the total cryptocurrency market cap hourly chart, there was a downside extension below the $122.0B support and a declining channel. The market cap declined towards the $120.0B support and later rebounded. A new declining channel in place, with resistance near the $121.5B level. In the short-term, there could be an upward move, but the previous supports near $122.0B and $123.0B are likely to act as resistances for buyers. Therefore, there is a risk of more losses in bitcoin, ETH, tron, litecoin, EOS, ripple, cardano, XLM, ICX, BCH, XMR and other altcoins in the coming sessions.

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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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.