Crypto Market Correcting Gains: BNB, Bitcoin Cash, EOS, TRX Price Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap jumped to a new weekly high at $136.4B and later corrected lower.
EOS price rallied sharply and broke the $4.00 and $4.10 resistance levels.
Binance Coin (BNB) seems to be consolidating above the $16.50 and $16.20 support levels.
Bitcoin cash price gained nicely and it recently moved above the $170 resistance.
Tron (TRX) price is currently trading in a tight range above the $0.0230 support level.

The crypto market extended gains before starting a downside correction. Dips in bitcoin (BTC), Ethereum (ETH), binance coin (BNB), BCH, ripple, EOS, TRX and ADA remain supported.

Bitcoin Cash Price Analysis

Bitcoin cash price traded higher steadily after it cleared the $155 and $160 resistance levels against the US Dollar. The BCH/USD pair broke the $165 resistance and it slowly moved above the $170 level. The price is currently consolidating above the $170 level and it may continue to rise towards the $175 level.

On the other hand, if there is a downside correction, the price is likely to trade below the $170 and $168 support levels. The main support is $165, where buyers are likely to emerge.

EOS, Tron (TRX) and BNB Price Analysis

EOS price performed really well and climbed above the $4.00 barrier. Buyers were in full control and they succeeded in clearing the $4.10 and $4.20 resistance levels. The current price action is such that the price may even climb above the $4.30 resistance level in the coming sessions.

Tron price managed to stay above the $0.0220 and $0.0222 support levels. TRX price recently climbed above the $0.0230 resistance and traded above $0.0232. The next stop could be $0.0235. The main hurdle for buyers is near the $0.0240 level, where sellers might take a stand.

Binance coin (BNB) remained well bid after it broke the $16.00 resistance level. BNB price even spiked above the $17.00 level before starting a downside correction. The price is currently consolidating in a range, with an immediate support at $16.50. The main support on the downside is near the $16.00 level.

Looking at the total cryptocurrency market cap hourly chart, there was a solid upward move above the $130.0B and $132.5B resistance levels. The market cap even broke the $135.0B resistance and traded to a new weekly high at $136.4B. Later, it started a downside correction and moved below the $135.5B support and a bullish trend line on the same chart. However, there is a strong support on the downside near the $134.0B level. Therefore, if there is a downside correction in bitcoin, ETH, TRX, LTC, EOS, BNB, ripple, ADA, XLM, WAN, BCH, XMR and other altcoins, buyers are likely to take a stand.

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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