Bitcoin And Crypto Market Cap Testing Support: BCH, XLM, EOS, TRX Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap declined recently, but stayed above the $280.0B support area.
Bitcoin price is down more than 8% and it recently tested the $10,800-11,000 support area.
BCH price is trading above the $400 support area and is facing hurdles near $425 and $430.
EOS price is struggling to settle above the key $6.000 and $6.100 resistance levels.
Stellar (XLM) price is trading well below the $0.1150 pivot level.
Tron (TRX) price stayed above the main $0.0320 support area.

The crypto market cap and bitcoin (BTC) are trading above key supports. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are currently consolidating losses.

Bitcoin Cash Price Analysis

There were strong bearish moves in bitcoin cash price after it broke the key $450 support area against the US Dollar. The BCH/USD pair even spiked below the main $400 support area before correcting higher. It is currently consolidating above $400, but there are many hurdles on the upside.

An initial resistance is near the $425 level, above which there are chances of more gains above the $430 level. On the downside, the main supports are near $400 and $395.

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

EOS price declined heavily below the $6.100 and $6.000 support levels. It even traded close the $5.500 support and is correcting higher. However, the same supports near $6.000 and $6.100 are acting as hurdles for the bulls. On the downside, an initial support is near $5.800, followed by $5.600.

Stellar price somehow managed to stay above the $0.1000 support area, but it settled below the $0.1100 level. On the upside, the $0.1100 and $0.1110 levels are acting as resistances. If there is an upside break above $0.1120, the price could recover towards the $0.1200 level.

Tron price also declined heavily and tested the $0.0320 support area. TRX price is currently trading above $0.0330, but it facing many hurdles near $0.0335 and $0.0340. A successful close above the $0.0340 level might push the price towards the $0.0350 level.

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $335.0B and $325.0B support levels. However, the market cap managed to stay above the $275.0B and $280.0B support levels. At the outset, there is a breakout pattern forming on the same chart, with support near the $292.0B level. If there is a downside break below $290.0B, the market cap could revisit the $275.0B support area. Conversely, it must climb above the $315.0B and $320.0B levels to start a fresh increase. Overall, there could be more range moves in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins before the next move.

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.

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.

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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.