Crypto Market Nearing Key Support: Bitcoin Cash, XLM, EOS, TRX Price Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap started a downside correction from the $186.8B swing high.
Bitcoin price is currently correcting lower towards the $5,650 and $5,600 supports.
Bitcoin cash price failed to stay above the $300 support level and declined below $295.
EOS price retreated from well above $4.85 and it is currently above the $4.72 support.
Stellar (XLM) price failed to settle above the key $0.1000 resistance level.
Tron (TRX) is under a lot of pressure and it could retest the $0.0225 support level.

The crypto market cap is correcting gains, with swing moves in bitcoin (BTC) and LTC. Altcoins like Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are approaching key supports.

Bitcoin Cash Price Analysis

Bitcoin cash price climbed above the $295 and $300 resistance levels this past week against the US Dollar. However, the BCH/USD pair failed to stay above the $300 level and recently started a fresh decline. There was a break below the $295 support and the price tested the $285 support.

The next key support is near the $280 level, below which the price may turn bearish in the near term. On the upside, an initial resistance is near the $292 and $295 levels. However, a convincing break above $300 is needed for a decent uptrend.

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

EOS price failed to test the $5.00 resistance level and recently retreated below the $4.80 support level. The price is moving lower and it seems like it could test the $4.72 or $4.70 support level in the near term.

Stellar price is failed to climb above the main $0.1000 and $0.1020 resistance levels. XLM price started a fresh decline and broke the $0.0980 support level. The price may decline back towards the $0.0950 support level, where the bulls may emerge.

Tron price remained in a major downtrend below the $0.0242 and $0.0245 resistance levels. TRX price is under pressure and it may soon break the $0.0230 support. The main support is near the $0.0225 level, below which there is a risk of a sharp drop.

Looking at the total cryptocurrency market cap hourly chart, there was a strong upward move above the $180.0B and $182.0B resistance levels. The market cap even broke the $185.0B level and formed a high near $186.8B before starting a downside correction. There was a dip below the $180.0B support and the market cap tested the 61.8% Fib retracement level of the last wave from the $170.0B swing low to $186.8B high. On the downside, there is a strong support forming near the $176.0B and $175.0B levels. As long as the market cap is above $175.0B, there could be a decent bounce in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins.

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.
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