technical analysis altcoins

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

Avatar Aayush Jindal 7 months ago
  • The total crypto market cap corrected lower recently and tested the key $265.0B support area.
  • Bitcoin price corrected lower sharply and spiked towards the $9,000 support area.
  • Litecoin (LTC) price is stable above the $130 and $132 support levels.
  • Bitcoin cash price is currently down more than 3% and it is trading below $420.
  • EOS price broke the key $7.00 support area to start a short term downside correction.
  • Stellar (XLM) price is down around 4% and it could revisit the $0.1240 support zone.

The crypto market cap is testing a crucial support, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Altcoins such as LTC, ripple, bitcoin cash, EOS, TRX, and stellar are struggling to climb higher.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to hold the $430 and $425 support levels against the US Dollar. The BCH/USD pair started a downside correction after it broke the $420 support levels. It is down more than 3% and it recently traded close to the $410 support level.

If the price continues to slide, it could even test the $400 support level. On the upside, the previous support near $425 is likely to act as a strong resistance for the bulls.

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

Litecoin price tested the $130 support and remained in a positive zone. However, LTC price seems to be facing a lot of hurdles near the $135 and $140 levels. A successful close above $140 is needed for the bulls to gain momentum in the coming sessions.

EOS price started a major decline after it failed to surpass the $7.20 resistance. The price broke the key $7.000 support area to start a downside correction. It even broke the $6.900 support level and is currently trading near the $6.800 support.

Stellar price struggled to stay above the $0.1300 support level and recently declined below $0.1280. XLM price even broke the $0.1260 support and it seems like the price continue lower towards the $0.1225 or $0.1210 support level.

Crypto Market Cap Bitcoin Cash BTC BCH EOS Litecoin LTC XLM ADA

Looking at the total cryptocurrency market cap 4-hours chart, the $280.0B level acted as a strong barrier. The market cap started a short term downside correction below $270.0B and $265.0B support levels. However, the $265.0B support zone and a major bullish trend line acted as a strong barrier. It is currently moving higher and it seems like it could continue to rise towards the $274.0B level. On the downside, the market cap must stay above $265.0B and $264.0B levels to avoid a bearish break. As long as the market cap is above the $264.0B support level, there could be more gains in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the coming sessions.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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