technical analysis altcoins

Crypto Market Flirts Key Resistance: Bitcoin Cash, EOS, BNB, Tron Analysis

Avatar Aayush Jindal 5 months ago
  • The total crypto market cap once again failed near the $178.5B and $180.0B resistances.
  • Bitcoin price remained in a positive zone above the $5,400 support area.
  • EOS price declined again below the $5.30 and $5.25 support levels.
  • Binance Coin (BNB) is down more than 5% and it recently broke the $23.00 support.
  • Bitcoin cash price is back below the $295 support level, with a bearish angle.
  • Tron (TRX) price is trading in a downtrend below the $0.0250 support area.

The crypto market cap is facing a strong resistance despite bullish moves in bitcoin (BTC). Binance coin (BNB), Ethereum (ETH), bitcoin cash, tron (TRX), litecoin, ripple, and EOS are currently correcting lower.

Bitcoin Cash Price Analysis

There was yet another failure above the $300 pivot level in bitcoin cash price against the US Dollar. The BCH/USD pair declined below the $295 and $290 support levels. It is currently trading near $287 and it could extend losses towards the $285 support level.

The next key support on the downside is near the $282 level, where buyers are likely to appear. On the upside, the price must jump above the $295 level to start a fresh increase above the $300 level.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price trimmed most it gains above the $5.30 level and recently declined below the $5.20 support level. The price even tested the $5.10 level and it remains at a risk of more losses towards the $5.00 support area. On the upside, the main resistances are near $5.20 and $5.25.

Tron price declined heavily after it broke the $0.0250 support level. TRX price even broke the $0.0245 support level and recently tested the $0.0240 level. If there is a fresh recovery, the price could face a strong barrier near the $0.0245 level.

Binance coin (BNB) failed to surge to a new all-time high and recently corrected lower below the $24.00 and $23.50 support levels. BNB price even broke the $23.00 support and it seems like it could rested the $20.00 support level in the coming sessions. On the upside, the previous support near $23.50 may now act as a resistance.

Crypto Market Cap Bitcoin Cash BCH EOS Tron TRX BNB

Looking at the total cryptocurrency market cap hourly chart, there was a solid upward move above the $175.0B resistance. However, the market cap struggled to clear the $178.5B and $180.0B resistances and recently corrected lower. On the downside, there is a strong bullish trend line in place with support at $170.5B. As long as the market cap is above $170.0B, it could bounce back above $178.5B or even $180.0B. Therefore, downsides are likely to be contained in bitcoin, ether, TRX, LTC, EOS, ripple, ADA, XLM, WAN, BCH, XMR and other altcoins in the near term.

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