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

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap is currently correcting higher, but facing hurdles near $215.0B.
Bitcoin price jumped more than 5% and it is trading above the $8,200 resistance area.
EOS price is slowly moving higher towards the key $3.000 resistance level.
BCH price is also up more than 5% and it is approaching the key $230 resistance.
Tron (TRX) price is currently consolidating near the key $0.0155 pivot level.
Cardano (ADA) price is still struggling to clear the key $0.0400 resistance area.

Bitcoin and the crypto market cap are currently recovering, but facing major hurdles. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB might struggle to recover further.

Bitcoin Cash Price Analysis

Recently, there was a fresh decline below the $215 support area in BCH price against the US Dollar. However, the price managed to stay above the $205 support area and it started a fresh recovery. The price is up more than 5% and it is now trading above the $220 level.

On the upside, there are many resistances near the $230 and $235 levels. A successful close above the $235 resistance is needed for more gains in the near term.

EOS, Tron (TRX) and ADA Price Analysis

EOS price declined this past week below the key $3.000 support area. It tested the next key support near the $2.850 level. At the outset, the price is correcting higher and it might soon test the main $3.000 resistance, above which the price could even surpass $3.050.

Tron price remained well bid above the $0.0150 support area. TRX price is currently consolidating near $0.0155, with an immediate resistance near the $0.0158 level. The main resistance is near $0.0160, above which the price could rise towards the $0.0172 resistance area.

Cardano price is still trading in a bearish zone below the $0.0400 and $0.0420 resistance levels. ADA price tested the $0.0375 support recently and it is currently correcting higher. However, a close above $0.0400 and $0.0420 is must for a strong upward move in the coming days.

Looking at the total cryptocurrency market cap 4-hours chart, the $205.0B area seems to be acting as a strong support. The market cap jumped higher recently above the $212.0B level. However, the crypto market cap ran into a major resistance area near $215.0B and a bearish trend line. Therefore, it must surpass the $215.0B and $220.0B resistances to continue higher in the near term. The next major hurdle for the bulls could be near the $228.0B level. If not, there could be a fresh decline in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins.

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.

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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.