Categories: AnalysisTechnical

Crypto Market Approaching Next Break: BNB, Litecoin, Bitcoin Cash, TRX Analysis

  • The total crypto market cap is forming a crucial breakout pattern above the $225.0B support area.
  • Binance coin (BNB) price rallied recently and it is currently consolidating above $30.00.
  • Litecoin (LTC) price is down around 4% and it recently broke the $90.00 support.
  • Bitcoin cash price declined more than 6% and traded below the $400 and $395 supports.
  • Tron (TRX) price is under pressure and it could retest the key $0.0265 support area.

The crypto market cap is forming a significant breakout pattern, with negative moves in bitcoin (BTC) and Ethereum (ETH). BNB, litecoin, ripple, bitcoin cash, TRX, XLM and EOS could weaken before fresh rise.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to gain momentum above the $410 and $415 resistance levels against the US Dollar. The BCH/USD pair started a fresh decline and broke the $400 and $395 support levels. The pair is now testing the $390 level and it seems like it could correct higher in the near term.

On the upside, an initial resistance is near the $385 level, above which the price may rebound towards the next major resistance at $405. On the downside, the main supports are $390 and $385.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price gained a strong bullish momentum this week and rallied above the $30.00 and $32.00 levels. BNB price recently corrected lower and it is currently consolidating above the $30.00 level. If there is a downside break, the price could test the $28.00 support.

Litecoin price trimmed most its gains from well above $100.00 and recently declined below the $95.00 and $90.00 support levels. LTC price is currently under pressure and it seems like it could test the main $84.00 support before a fresh increase in the near term.

Tron price struggled to break the $0.0290 level and recently declined below $0.0285. TRX price is down around 5% and it is trading near $0.0275. The main support on the downside is $0.0265, where the bulls might appear.

Looking at the total cryptocurrency market cap hourly chart, there were contracting range moves above the $220.0B support level. The market cap struggled to gains momentum above the $240.0B resistance level and recently declined towards $225.0B. More importantly, there is a crucial breakout pattern forming with support at $225.0B and resistance near the $240.0B level. An upside break above the $240.0B barrier could spark a strong upward move in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term. If not, there is a risk of more losses below the $225.0B and $220.0B support levels. The next key support is near the $210.0B area.

Crypto Market Approaching Next Break: BNB, Litecoin, Bitcoin Cash, TRX Analysis was last modified: May 23rd, 2019 by Aayush Jindal
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