Crypto Market Target Additional Gains: EOS, Bitcoin Cash, TRX, IOTA Analysis

Aayush Jindal

Last Updated: June 11, 2024 1:01 pm

2 mins read

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The total crypto market cap broke the $168.0B resistance and settled above $170.0B.
EOS price is currently facing a strong resistance near the $4.80 and $4.85 levels.
Bitcoin cash price is currently correcting recent gains towards the $265 or $260 support.
Tron (TRX) price failed to move past $0.0245 and declined towards $0.0235.
IOTA started a downside correction below the $0.3000 support level.

The crypto market cap is currently consolidating, with corrective moves in bitcoin (BTC) and Ethereum. BCH, ripple, and altcoins like IOTA, TRX and ADA remains supported on dips.

Bitcoin Cash Price Analysis

Bitcoin cash price rallied earlier this week and broke the $265 and $270 resistance levels against the US Dollar. The BCH/USD pair tested the $275-280 zone and it is currently correcting lower. It broke the $270 level and it seems like the price may test the key $265 support level.

Any further losses may push the price towards the $260 support level. On the upside, a follow through above $270 and $272 may perhaps open the doors for a sharp upward move in the near term.

EOS, Tron (TRX) and IOTA Price Analysis

EOS price recently tested the $4.80 and $4.85 resistance level. The price is currently correcting lower and testing the $4.75 level. The main support on the downside is at $4.70, below which there is a risk of a fresh decline towards the $4.55 support level. On the upside, a close above the $4.85 level is must for a test of the $5.00 resistance level.

Tron is still trading in a bearish zone and it recently struggled to gain strength above $0.0242. TRX price declined below the $0.0240 support and it remains at a risk of more losses. An initial support is at $0.0232, below which the price may revisit the $0.0225 level. On the upside, the main hurdles are $0.0242 and $0.0245.

IOTA (MIOTA) started a downside correction after a strong rally. IOTA price recently traded below the $0.3000 support and it is currently down 2.6%. An immediate support is at $0.2950, below which the price may test the $0.2920 level.

Looking at the total cryptocurrency market cap hourly chart, there was a solid upward move above the $168.0B and $170.0B resistance levels. The market cap is currently moving in a range and facing hurdles near the $174.0B and $175.0B levels. A successful close above the $175.0B resistance is likely to push the market cap towards the $180.0B resistance level. On the downside, there is a strong support forming near the $170.0B level and the 100 SMA on the same chart. Therefore, dips remains supported in bitcoin, ETH, TRX, litecoin, EOS, ripple, XLM, XMR 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.

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