Crypto Market And Bitcoin Turn Vulnerable: BCH, BNB, EOS, TRX Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap extended its decline and broke the key $260.0B support.
Bitcoin price declined around 8% and settled below the key $10,000 support.
EOS price traded below the $3.550 support and remains at a risk of more downsides.
Binance Coin (BNB) is extending its decline below the key $27.50 support level.
BCH price is down around 5% and it recently broke the $300 support area.
Tron (TRX) price is now trading below the $0.0170 level and it might continue to slide.

Bitcoin (BTC) and the crypto market cap declined heavily. Binance coin (BNB), Ethereum (ETH), BCH, tron (TRX), litecoin, ripple and EOS are also trading in a bearish zone.

Bitcoin Cash Price Analysis

After a failed attempt near the $325 level, BCH price started a fresh decline against the US Dollar. The BCH/USD pair broke the $320 support and even traded below the key $305 support level. The price is now trading below the $300 level and it seems like the next stop could be near the $280 level.

If there is an upside correction, the price is likely to face hurdles near the $305 and $310 levels. The main resistance on the upside remains near $320.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price extended its decline below the $3.650 and $3.550 support levels. The price is now trading below the $3.500 level and it may soon revisit the $3.350 support level. If there are more downsides, the price could test the $3.200 support area. On the upside, the main hurdles are near the $3.650 and $3.700 levels.

Tron price is trading in a crucial downtrend below $0.0180. TRX price recently traded below the $0.0170 level and it remains at a risk of more losses below the $0.01650 level. The next stop for the bulls is near the $0.0154 level.

Binance coin (BNB) failed to stay above the key $27.50 support area. BNB price is down around 4% and it is now trading well below the $27.00 level. An immediate support is near the $26.00 level, below which it could decline towards the $25.00 support area.

Looking at the total cryptocurrency market cap 4-hours chart, there was a fresh decline initiated from well above the $280.0B level. The market cap declined below the $272.0B and $260.0B support levels. It recently visited the $245.0B support area and it seems like there could be more downsides. If there is an upside correction, the previous support are near the $260.0B and $262.0B levels might prevent gains. Overall, upsides are likely to remain capped in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX 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.