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

Aayush Jindal

1 year ago

2 mins read

Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

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The total crypto market cap is correcting higher towards the $250.0B resistance area.
Bitcoin price is also approaching towards many hurdles near $9,800 and $10,000.
BCH price is currently consolidating near the key $280 support area.
EOS price is under pressure and it seems like it could struggle to climb above $3.350.
Stellar (XLM) price is once again declining towards the $0.0600 support area.
Tron (TRX) price is currently flat above the main $0.0150 support area.

Bitcoin (BTC) and the crypto market cap are facing many hurdles. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are likely to struggle to climb higher.

Bitcoin Cash Price Analysis

This past week, BCH price declined sharply below the $305 and $300 support levels against the US Dollar. The BCH/USD pair even broke the $280 support and tested the $270 support area. It is currently consolidating near the key $280 support area and it might correct higher in the near term.

On the upside, an immediate resistance is near the $285 level, followed by $290. However, the main hurdles on the upside are near the $300 and $305 levels.

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

EOS price traded close to the $3.050 support area and recently corrected higher. The price is currently consolidating near the $3.250 level, but it is facing many important resistances near the $3.300 and $3.350 levels. The next major resistance above $3.350 is near the $3.500 area. On the downside, the key supports are near the $3.050 and $3.000 levels.

Stellar price is declining towards the $0.0600 support level and it is currently consolidating losses. An immediate resistance is near the $0.0630 level, above which XLM price might test the $0.0650 resistance level. On the downside, a break below $0.0600 might push the price towards the $0.0550 level.

Tron price is struggling to hold the $0.0150 support level and remains at a risk of more downsides. If TRX price breaks the $0.0150 support, it could decline further towards the $0.0145 level in the near term. On the upside, there are many hurdles near the $0.0155 and $0.0160 levels.

Looking at the total cryptocurrency market cap 4-hours chart, there a significant decline from well above the $270.0B level. The market cap even broke the main $250.0B support area and tested the $235.0B area. It is currently correcting higher above $240.0B. However, there are many resistances near $248.0B, $250.0B, and two bearish trend lines on the same chart. Therefore, upsides are likely to remain limited in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.

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.