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Crypto Market Cap And Bitcoin Under Pressure: BCH, BNB, EOS, TRX Analysis

Avatar Aayush Jindal 5 months ago
  • The total crypto market cap is struggling to recover above the $235.0B resistance area.
  • Bitcoin price is now trading well below the $9,000 and $8,960 resistance levels.
  • EOS price is declining and it seems like it could revisit the $3.350 support area.
  • Binance Coin (BNB) is still facing a lot of hurdles near the $21.00 and $21.20 levels.
  • BCH price is approaching the main $285 and $280 support levels.
  • Tron (TRX) price is correcting lower and it is now trading below the $0.0200 support.

The crypto market cap and bitcoin (BTC) are currently under pressure. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS might decline further.

Bitcoin Cash Price Analysis

In the past few hours, there was a fresh downward move below the $295 level in BCH price against the US Dollar. The BCH/USD pair is now approaching the main $285 and $280 support levels. If there is a downside break below the $280 support, the price could extend its decline towards $265.

On the upside, an initial resistance is near the $295 level. However, the main resistance is near the $300 and $305 levels, above which the price is likely to rally.

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

EOS price started a downward move after it failed to break the $3.650 and $3.700 resistance levels. The price is no trading below the $3.500 level and it seems like it could revisit the $3.350 support area. On the upside, an initial resistance is near the $3.550 level, followed by $3.650.

Tron price is now trading below the $0.0200 support area. TRX price tested the $0.0190 level and it is currently consolidating in a range. On the upside, the price must climb above $0.0198 and $0.0200 to start a fresh increase. If not, it could test the $0.0185 support area.

Binance coin (BNB) found support near the $19.50 level and it recently climbed back above the $20.00 and $20.20 resistance levels. BNB price is now trading above $20.50, but it is facing a strong resistance near the $21.00 and $21.20 levels.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a fresh decline from the $241.0B high. However, the market cap is still holding the key $226.0B and $225.0B support levels. If there is a downside break, the market cap could decline towards the next support near the $217.0B level.

Conversely, the crypto market cap needs to surpass the $235.0B and $240.0B resistance levels. A successful close above the $240.0B resistance might start a decent upward move in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX 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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