technical analysis altcoins

Crypto Market Testing Crucial Support: Bitcoin Cash, Litecoin, EOS, XLM Analysis

Avatar Aayush Jindal 3 months ago
  • The total crypto market cap declined sharply and tested an important support near $210.0B.
  • Bitcoin price is showing signs of a decent recovery above the $7,200 support level.
  • Litecoin (LTC) price failed to stay above the $100 level and recently declined below $90.
  • Bitcoin cash price is down more than $90 from the recent high and broke the $380 support.
  • EOS price is once again below the key $6.20 and $6.00 support levels.
  • Stellar (XLM) price is gaining traction and it is up more than 7% to $0.1310.

The crypto market cap is currently holding a crucial support, with range moves in bitcoin (BTC) and Ethereum (ETH). Altcoins such as LTC, ripple, bitcoin cash, EOS, TRX, and stellar slowly recovering.

Bitcoin Cash Price Analysis

Bitcoin cash price surged towards the $450 level and recently declined heavily against the US Dollar. The BCH/USD pair broke the $400 and $385 support levels to enter a bearish zone. The recent decline was such that the price even broke the $365 support and tested the $350 support level.

The price is currently consolidating above the $350 support and it could correct higher in the short term. An immediate resistance is at $375, above which the price may test the $385 level.

Litecoin (LTC), EOS and Stellar (XLM) Price Analysis

Litecoin price failed to stay above the $100 level and topped near the $107 level. LTC price is down sharply and it recently traded below the $100, $95 and $92 support levels. The price even broke $90 and tested the $85 support level.

EOS price recently traded below the key $6.40 and $6.20 support levels. More importantly, it broke the $6.00 support level and the price test the $5.85 support. It could recover in the short term and might test $6.00 or $6.20.

Stellar price is performing well and remained well bid above the $0.1150 support level. XLM price is up more than 7% and it recently broke the $0.1250 and $0.1300 resistance levels. The next key hurdles are $0.1350 and $0.1380, where sellers may emerge.

Crypto Market Cap Bitcoin Cash BTC BCH EOS LTC XLM

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp bearish reaction from well above the $250.0B level. The market cap declined more than $40.0B and tested the $210.0B support area. It seems like there is a strong support forming near the $210.0B level and a connecting bullish trend line on the same chart. Therefore, as long as the market cap is above the trend line and $210.0B, there could be upsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the coming sessions. If not, there could be a downside extension towards the $200.0B support area.

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