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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin & Crypto Market Turn Red Again: 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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Created by industry experts and meticulously reviewed
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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

  • The total crypto market cap jumped from $188.0B, but it failed to stay above $200.0B.
  • Bitcoin price rally above the $7,500 level was completely reversed.
  • BCH price is somehow holding the key $205 and $200 support levels.
  • EOS price is facing a strong resistance near the $2.700 area.
  • Stellar (XLM) price could continue to move down towards the main $0.0500 support area.
  • Tron (TRX) price is down 2% and it is approaching the $0.0140 support area.

Bitcoin (BTC) and the crypto market cap are resuming their downtrend. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, litecoin, ripple, and tron (TRX) are likely to continue lower.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price tested the main $200 support area and later started a decent recovery against the US Dollar. BCH price climbed above the $210 and $215 levels. However, it failed to surpass the key $220 resistance area.

As a result, there was a fresh decline below the $210 level and the price seems to be heading back towards the main $200 support area. Any further losses may perhaps push the price towards the $185 support.

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

EOS price made another attempt to settle above the $2.700 and $2.750 resistance levels. However, the price failed to continue higher and it is now declining towards $2.600. The key support on the downside is near the $2.500 level, below which the price could revisit the $2.350 support.

Stellar price remained in a bearish zone below the $0.0585 and $0.0600 resistance levels. XLM price is currently declining and it seems like it could break the $0.0520 support area. Any further losses may lead the price towards the $0.0500 zone.

Tron price is down more than 2% and it is trading below the $0.0150 level. An immediate support is near the $0.0142 level, below which it may perhaps test the $0.0140 support. On the upside, there are a few key hurdles near the $0.0148 and $0.0150.

Crypto Market Cap Bitcoin
Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a strong bounce from the $188.0B support area. The crypto market cap broke the $195.0B resistance, but it struggled to continue above the $200.0B resistance area.

The market cap is now well below $200.0B and it seems like it could even break the $188.0B support area. The next major support is near the $174.0B level. Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term until the crypto market cap surpasses $200.0B.

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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

Ad discliamer

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