The crypto market is gaining pace, with strong bullish moves in bitcoin (BTC) and Ethereum (ETH). Altcoins such as bitcoin cash, litecoin, tron (TRX), ripple, binance coin (BNB) and EOS could extend gains.
Bitcoin cash price gained traction recently and settled above the $300 level against the US Dollar. The BCH/USD pair even broke the $310 level and it is currently consolidating above the $310 level. If buyers gain momentum, there are chances of an upside break above the $320 and $325 levels in the near term.
On the downside, the main support is at $300, below which the price could start a downside correction towards the $295 or $290 level.
EOS price remained well bid above the $5.20 and $5.30 support levels. The price recently moved above the $5.40 and $5.50 resistance levels. The current price action is positive and it seems like there could be more gains above the $5.55 and $5.60 resistance levels.
Tron price corrected lower earlier this week and tested the $0.0260 support level. TRX price bounced back above $0.0270 and it is currently up more than 1.5%. If there is an upside break above $0.0275, the price may perhaps rise towards the $0.0285 and $0.0282 resistance levels.
Binance coin (BNB) is forming a strong support above the $19.00 level. BNB price is trading in a range above $19.00 for quite some time now and it seems like it could make the next move. On the upside, a close above the $20.00 resistance will most likely push the price towards $22.00 or $23.00. On the downside, a break below the $18.50 level may push the price towards the $17.00 support.
Looking at the total cryptocurrency market cap hourly chart, there was a strong upward move after the $158.0B level acted as a solid support. The market cap is following a crucial bullish trend line and it recently cleared a significant resistance at $169.0B and $170.0B. It has opened the doors for more gains towards the $180.0B resistance level. Therefore, there are chances of further upsides in bitcoin, ETH, TRX, LTC, EOS, BNB, ripple, ADA, XLM, WAN, BCH, XMR and other altcoins in the near term.