- 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.
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.