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

Crypto Market Holding Key Support: Bitcoin Cash, EOS, TRX, ADA Analysis

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
technical analysis altcoins

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Created by industry experts and meticulously reviewed
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  • The total crypto market cap surged higher and tested the $325.0B level before correcting lower.
  • Bitcoin price spiked above the $11,000 resistance level and it is currently consolidating gains.
  • EOS price is back below the $7.200 level and it might test the $7.050 or $7.000 support.
  • BCH price rallied significantly in the past few days and it is currently trading near $475.
  • Tron (TRX) price broke the key $0.0350 resistance and it is currently near $0.0370.
  • Cardano (ADA) price is slowly climbing higher towards the key $0.1000 resistance area.

The crypto market cap is currently correcting, with light bearish moves in bitcoin (BTC) and Ethereum (ETH). EOS, Tron (TRX), BCH, ripple, ADA, BNB, and other altcoins could consolidate before higher.

Bitcoin Cash Price Analysis

Recently, there were strong moves and gains in bitcoin cash price above the $400 and $450 levels against the US Dollar. The BCH/USD pair even broke the $500 barrier and spiked towards the $550 level. However, the pair failed to hold gains and declined sharply below $500.

The price is now trading below $480 and is testing the $470 support area. If there are more losses, the price may even test the next important support near the $460 level.

EOS, Tron (TRX) and ADA Price Analysis

EOS price managed to settle above the $7.000 resistance area. It traded towards the $7.50 level, but it failed to gain momentum. As a result, the price corrected lower below $7.300 and it is currently trading near the $7.120 level. The main supports on the downside are near the $7.050 and $7.000 levels.

Tron price slowly climbed higher and it recently broke the key $0.0350 resistance area. TRX price even climbed above the $0.0360 level and it is now trading near $0.0370. If there are more gains, the price might test the $0.0385 and $0.0390 resistance levels before running into the $0.0400 barrier.

Cardano price stayed above the $0.0850 support and recently broke the $0.0900 and $0.0920 resistances. ADA price is trading nicely above $0.0940, with many hurdles near the $0.0980 and $0.1000 levels.

Crypto Market Cap Bitcoin Cash BTC BCH EOS Litecoin LTC XLM ADA TRX

Looking at the total cryptocurrency market cap hourly chart, there was a strong rally above the $290.0B and $300.0B resistance levels. The market cap even surpassed the $315.0B level and climbed towards the $325.0B level. A new monthly high was formed near $325.0B before it started a downside correction. There was a break below the $315.0B support, but the $305.0B and $300.00B levels are acting as solid supports. As long as the market cap is holding the $300.0B support, there could be a fresh increase in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the coming sessions.

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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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