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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market And Bitcoin Facing Many Hurdles: BCH, BNB, EOS, TRX Analysis

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis altcoins

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Created by industry experts and meticulously reviewed
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  • The total crypto market cap recovered after it dived towards the $250.0B support area.
  • Bitcoin price also corrected higher above the $10,500 and $10,800 resistance levels.
  • EOS price is currently consolidating above the $4.100 support area.
  • Binance Coin (BNB) settled below the $30.00 level and it is currently trading near $28.00.
  • BCH price is up more than 10% and it broke the $280 and $300 resistance levels.
  • Tron (TRX) price is slowly recovering and it recently broke the $0.0250 resistance area.

Bitcoin and the crypto market cap started a decent upside correction, but facing many hurdles. Ethereum (ETH), binance coin (BNB), BCH, ripple, tron (TRX), litecoin and EOS could resume their decline.

Bitcoin Cash Price Analysis

After a significant decline, BCH price found support near the $260 level against the US Dollar. The BCH/USD pair started a decent upward move and broke the $275 and $280 resistance levels. The price is up more than 10% and it recently broke the $300 resistance level.

The next resistance on the upside is near the $320 level. If the price fails to continue higher, it could decline once again towards the $280 support level in the near term.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price spiked towards the $4.000 support area during the recent slide. Recently, the price started an upside correction and moved above $4.100. The price is currently consolidating near $4.200, with a strong resistance near the $4.400 and $4.450 levels. On the downside, the $4.100 and $4.000 levels are important supports for the current wave.

Tron price declined heavily and even broke the $0.0240 support area. TRX price tested the $0.0230 level and it recently corrected higher. The price is now trading above the $0.0250 level, but it might struggle to move above the $0.0265 and $0.0272 resistance levels in the near term.

Binance coin (BNB) settled below the key $30.00 support area. BNB price is now consolidating near the $28.00 level and it could struggle to climb above the $28.50 and $29.20 resistance levels. The main resistances are near the $30.00 and $30.20 levels.

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 $300.0B support area. The market cap even broke the $280.0B support and moved close to the $250.0B support area. A swing low was formed near $254.0B and the market cap recently recovered higher. It broke the $260.0B and $270.0B levels, but the previous support near the $280.0B and $285.0B levels acted as a strong hurdle. The current technical structure suggests that there could be more declines in the market cap. Therefore, bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX are likely to struggle to continue higher.

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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.

Read more

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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