Crypto Market Adds $5 Billion: EOS Rallies 10%, Bitcoin Cash, TRX, ADA Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap jumped higher and broke the key $132.5B resistance area.
EOS price rallied more than 10% and broke the $3.80 and $4.00 resistance levels.
Bitcoin cash price is up more than 5% and broke the $160 and $165 barriers.
Tron (TRX) price once again moved above the $0.0230 resistance level.
Cardano (ADA) price gained nearly 7% and broke the $0.0640 resistance level.

The crypto market pumped by more than $5 billion, with rallies in EOS and bitcoin cash. Bitcoin (BTC), Ethereum (ETH), BCH, ripple, tron (TRX), ADA and other altcoins could extend gains.

Bitcoin Cash Price Analysis

Recently, we saw a downside correction in bitcoin cash price from the $165 resistance against the US Dollar. The BCH/USD pair broke the $155 support level and tested the $150 support, where buyers emerged. As a result, there was a fresh increase and the price rallied above the $155 and $160 resistance levels.

The price is now trading well above the $165 level and it seems like the next stop for buyers could be near the $170 level in the short term.

EOS, Tron (TRX) and ADA Price Analysis

EOS price performed really well after it found a strong support near the $3.50 level. The price is up more than 10% and it recently broke the $3.80 and $4.00 resistance levels. The price is now approaching the $4.10 resistance level and it may even test the $4.15 level in the coming sessions.

Tron price once again found support near the $0.0222 level and later recovered. TRX price is now trading above the $0.0230 resistance, with an immediate resistance near the $0.0235 level. The next major hurdle for buyers is near the $0.0240 level.

Cardano price remained in the bullish zone above the $0.0580 and $0.0600 support levels. ADA price recently gained traction above the $0.0620 resistance level and climbed higher. The price is now trading above $0.0640 and it could accelerate gains above the $0.0650 level.

Looking at the total cryptocurrency market cap hourly chart, there was a downside extension below the $130.0B support level. The market cap tested the $128.2B support level and later started a sharp upward move. It broke the $130.0B resistance level and a crucial bearish trend line on the same chart. More importantly, there was a break above the key $132.5B resistance level. This has opened the doors for more gains and the market cap can now climb towards the $135.0B resistance. On the downside, the $132.5B level might now act as a support zone. Therefore, there could be decent gains in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA 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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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.