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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Crypto Market Holding Crucial Supports: Bitcoin Cash, XLM, EOS, TRX Price Analysis

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read

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  • The total crypto market cap tumbled sharply, but it stayed above the main $156.0B support.
  • Bitcoin cash price declined sharply, but recovered above $268 and $270.
  • EOS price tested the $4.60 support level and it recently bounced back above $4.70.
  • Stellar (XLM) price is under a lot of pressure and it recently broke the $0.1000 support area.
  • Tron (TRX) traded close to the $0.0225 support level and it is currently correcting higher.

The crypto market cap declined heavily, with strong bearish moves in bitcoin (BTC) and altcoins. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple and tron (TRX) are recovering and facing key resistances.

Bitcoin Cash Price Analysis

Bitcoin cash price remained under a lot of pressure after it settled below the $295 support area against the US Dollar. The BCH/USD pair broke the $270 support level recently and traded close to the $260 support level. Recently, the price recovered and settled above $270.

An initial resistance on the upside is at $275, above which the bulls could make an attempt to push the price above the $282 resistance. On the downside, the main supports are $265 and $260.

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

EOS price declined heavily after it broke the key $5.00 support level. The price even broke the $4.80 and $4.70 support levels. It traded close to the $4.60 support level and recently corrected above $4.70. On the upside, there are many resistances near $4.80 and $4.85 levels.

Stellar price started a slow and steady decline below the $0.1050 support level. XLM price even broke the key $0.1020 and $0.1000 support levels. It tested the $0.0975 level and it is currently consolidating losses below $0.1000. On the downside, the main supports are $0.0975 and $0.0962.

Tron price failed to recover above the $0.0250 resistance resumed its decline. TRX price broke the $0.0240 support level and traded close to the $0.0225 level. It is currently correcting higher, but it could face a strong selling interest near the $0.0242 and $0.0250 levels in the near term.

Crypto Market Cap Bitcoin Cash BCH EOS LTC XLM

Looking at the total cryptocurrency market cap hourly chart, there was a strong downward move below the $170.0B support level. The market cap declined more than $10 billion and tested the $156.0B support area. There was no downside break below $155.0B and the market cap recently recovered above $162.0B and $164.0B. However, there are many hurdles on the upside near the $167.5B and $168.0B levels. If there is a close above the $168.5B level, there could be a strong recovery in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, WAN, WTC, ICX, and other altcoins in the coming sessions. If not, there could be a fresh drop to $162.0B or $160.0B.

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Aayush Jindal
Aayush Jindal

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.

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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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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