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Bitcoin And Crypto Market Rebound Facing Hurdles: BCH, XLM, EOS, TRX Analysis

Avatar Aayush Jindal 10 months ago
  • The total crypto market cap declined to $242.0B and is currently correcting higher.
  • Bitcoin price is currently correcting higher and is trading above the $10,200 level.
  • BCH price stayed above the $300 support and it is currently near the $310 level.
  • EOS price is currently consolidating above the key $3.500 support area.
  • Stellar (XLM) price is slowly recovering higher towards the $0.0700 and $0.0720 resistance levels.
  • Tron (TRX) price is trading in a strong downtrend below $0.0200 and $0.0180.

Bitcoin (BTC) and the crypto market cap are recovering towards key resistances. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are trading in a major downtrend.

Bitcoin Cash Price Analysis

Recently, BCH price started a fresh decline after tagging the $355 level against the US Dollar. The BCH/USD pair declined below the $340 and $330 support levels. It tested the $305 level and it is currently consolidating near the $310 level. On the upside, an immediate resistance is near the $315 and $320 levels.

On the downside, the main supports are near $305 and $300. If there is a bearish break below the $300 support, the price could continue to decline towards the $285 support.

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

EOS price declined heavily after it broke the $4.000 and $3.800 support levels. The price even spiked below $3.500 and it is currently consolidating losses. An immediate resistance is near the $3.700 and $3.800 levels. Above these, the price could test the main $4.000 resistance area. On the downside, the main support is near the $3.500 level.

Stellar price is slowly correcting higher towards the $0.0700 and $0.0720 resistance levels. If XLM price climbs above $0.0720, it could correct higher towards the $0.0800 resistance level. On the downside, the main supports are near $0.0650 and $0.0640.

Tron price declined heavily after it traded below the key $0.0200 support level. TRX price even declined below $0.0185 and $0.0180. It is currently trading near $0.0172 and it might correct higher towards the $0.01800 resistance.

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

Looking at the total cryptocurrency market cap 4-hours chart, there a sharp decline below the $265.0B support area. The market cap even broke the $250.0B support and moved towards $240.0B. A swing low was formed near $242.0B and the market cap is currently recovering higher. On the upside, there is a strong resistance forming near the previous support at $272.0B and a connecting bearish trend line. Therefore, the current recovery could face hurdles near the $270.0B and $272.0B levels. Overall, upsides are likely to remain capped in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.

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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