Bitcoin And Crypto Market Rebound 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 declined to $242.0B and is currently correcting higher.
Bitcoin price is currently correcting higher and is trading above the $10,200 level.
BCH price stayed above the $300 support and it is currently near the $310 level.
EOS price is currently consolidating above the key $3.500 support area.
Stellar (XLM) price is slowly recovering higher towards the $0.0700 and $0.0720 resistance levels.
Tron (TRX) price is trading in a strong downtrend below $0.0200 and $0.0180.

Bitcoin (BTC) and the crypto market cap are recovering towards key resistances. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are trading in a major downtrend.

Bitcoin Cash Price Analysis

Recently, BCH price started a fresh decline after tagging the $355 level against the US Dollar. The BCH/USD pair declined below the $340 and $330 support levels. It tested the $305 level and it is currently consolidating near the $310 level. On the upside, an immediate resistance is near the $315 and $320 levels.

On the downside, the main supports are near $305 and $300. If there is a bearish break below the $300 support, the price could continue to decline towards the $285 support.

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

EOS price declined heavily after it broke the $4.000 and $3.800 support levels. The price even spiked below $3.500 and it is currently consolidating losses. An immediate resistance is near the $3.700 and $3.800 levels. Above these, the price could test the main $4.000 resistance area. On the downside, the main support is near the $3.500 level.

Stellar price is slowly correcting higher towards the $0.0700 and $0.0720 resistance levels. If XLM price climbs above $0.0720, it could correct higher towards the $0.0800 resistance level. On the downside, the main supports are near $0.0650 and $0.0640.

Tron price declined heavily after it traded below the key $0.0200 support level. TRX price even declined below $0.0185 and $0.0180. It is currently trading near $0.0172 and it might correct higher towards the $0.01800 resistance.

Looking at the total cryptocurrency market cap 4-hours chart, there a sharp decline below the $265.0B support area. The market cap even broke the $250.0B support and moved towards $240.0B. A swing low was formed near $242.0B and the market cap is currently recovering higher. On the upside, there is a strong resistance forming near the previous support at $272.0B and a connecting bearish trend line. Therefore, the current recovery could face hurdles near the $270.0B and $272.0B levels. Overall, upsides are likely to remain capped 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.

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.