technical analysis altcoins

Crypto Market Cap And Bitcoin Facing Resistance: BCH, BNB, EOS, TRX Analysis

Avatar Aayush Jindal 4 months ago
  • The total crypto market cap is facing a strong resistance near the $220.0B level.
  • Bitcoin price is also trading below a crucial resistance area near the $8,500 level.
  • EOS price failed to hold the $3.000 support and declined below $2.950.
  • Binance Coin (BNB) is declining and it might test the $15.00 support area.
  • BCH price struggled to clear the $235 resistance and it is currently trading towards the $220 support.
  • Tron (TRX) price is down more than 5% and it broke the $0.0140 support area.

The crypto market cap and bitcoin (BTC) are facing important resistances. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS are currently declining.

Bitcoin Cash Price Analysis

There was an upside correction in BCH price above the $225 and $230 levels against the US Dollar. However, the BCH/USD pair struggled to clear the $235 resistance level and recently started a fresh decline. It broke the $230 level and it is currently trading just below $225.

It seems like the price might test the $220 level. Any further losses could push the price towards the $205 support area in the near term. On the upside, the main resistance is near the $235 level.

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

EOS price rallied sharply earlier this week and broke the $3.000 resistance area. The price tested the $3.100 level and recently started a downside correction below the $3.000 level. It seems like the price may perhaps correct further lower and test the $2.850 support area.

Tron price surged more than 10% and climbed above the $0.0145 level. However, TRX price failed to continue higher and recently corrected more than 5% below $0.0142. The price is now trading below $0.0140 and it might test the $0.0138 support level.

Binance coin (BNB) corrected above the $16.00 level, but it struggled to surpass the $16.20 resistance area. BNB price is now trading below $16.00 and it could test the $15.25 or $15.00 support in the coming sessions. On the upside, the main resistance for the bulls is near the $16.20 level.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Looking at the total cryptocurrency market cap 4-hours chart, there was a minor upside correction from the $200.0B support area. However, the market cap failed to climb above the $220.0B resistance area. There is also a connecting bearish trend line forming with resistance near $220.0B on the same chart. Therefore, a clear break above the $220.0B resistance is needed for a decent upward move. If not, there could be another decline in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term.

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