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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin And Crypto Market Remains Vulnerable: BCH, XLM, EOS, TRX Analysis

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

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  • The total crypto market cap declined heavily and tested the $285.0B support area.
  • Bitcoin price is under a lot of pressure and it recently tested the $11,000 support area.
  • BCH price is down 5% today and it settled below the $350 support area.
  • EOS price is currently correcting higher, but it may face hurdles near the $4.80 level.
  • Stellar (XLM) price tumbled below the $0.0900 level and even tested the $0.0850 support.
  • Tron (TRX) price extended losses by more than 8% and broke the $0.0300 support area.

The crypto market cap and bitcoin (BTC) declined heavily below key supports. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are currently under a lot of selling pressure.

Bitcoin Cash Price Analysis

There was a strong decline in bitcoin cash price after it broke the key $380 support area against the US Dollar. The BCH/USD pair even traded below the $360 support and settled below the $350 level. The pair is currently consolidating losses, but it remains at a risk of more losses below $340 and $335.

The main support on the downside is near the $320 zone, below which there is a risk of a test of $300. On the upside, a close above the $380 level is needed for a decent recovery.

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

EOS price declined sharply below the $5.000 and $4.500 support levels. It tested the $4.400 support level and is correcting higher. However, there are a few important resistances on the upside near the $4.75 and $4.80 levels, above which the price could recover positively.

Stellar price came under a lot of selling pressure after it broke the main $0.1000 support level. XLM price even cleared the $0.0920 support level and traded close to the $0.0850 level. If there are more losses, the price may even test the $0.0800 support level.

Tron price is extending losses below the $0.0320 and $0.0300 support levels. TRX price is down more than 8% today and it could continue to slide towards the $0.0280 support level. On the upside, the main resistances are near $0.0295 and $0.0300.

Bitcoin Crypto Market Cap Altcoins ETH, XRP, BCH, LTC, EOS, TRX, ADA, BNB

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $330.0B and $320.0B support levels. The market cap even broke the key $300.0B support area and moved closer towards the $285.0B support area. In the short term, there could be an upside correction, but the market cap is likely to face resistance near the $305.0B and $308.0B levels. Therefore, there are chances of more losses in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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