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

Crypto Market Flirts Key Resistance: Bitcoin Cash, EOS, BNB, Tron Analysis

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

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  • The total crypto market cap once again failed near the $178.5B and $180.0B resistances.
  • Bitcoin price remained in a positive zone above the $5,400 support area.
  • EOS price declined again below the $5.30 and $5.25 support levels.
  • Binance Coin (BNB) is down more than 5% and it recently broke the $23.00 support.
  • Bitcoin cash price is back below the $295 support level, with a bearish angle.
  • Tron (TRX) price is trading in a downtrend below the $0.0250 support area.

The crypto market cap is facing a strong resistance despite bullish moves in bitcoin (BTC). Binance coin (BNB), Ethereum (ETH), bitcoin cash, tron (TRX), litecoin, ripple, and EOS are currently correcting lower.

Bitcoin Cash Price Analysis

There was yet another failure above the $300 pivot level in bitcoin cash price against the US Dollar. The BCH/USD pair declined below the $295 and $290 support levels. It is currently trading near $287 and it could extend losses towards the $285 support level.

The next key support on the downside is near the $282 level, where buyers are likely to appear. On the upside, the price must jump above the $295 level to start a fresh increase above the $300 level.

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

EOS price trimmed most it gains above the $5.30 level and recently declined below the $5.20 support level. The price even tested the $5.10 level and it remains at a risk of more losses towards the $5.00 support area. On the upside, the main resistances are near $5.20 and $5.25.

Tron price declined heavily after it broke the $0.0250 support level. TRX price even broke the $0.0245 support level and recently tested the $0.0240 level. If there is a fresh recovery, the price could face a strong barrier near the $0.0245 level.

Binance coin (BNB) failed to surge to a new all-time high and recently corrected lower below the $24.00 and $23.50 support levels. BNB price even broke the $23.00 support and it seems like it could rested the $20.00 support level in the coming sessions. On the upside, the previous support near $23.50 may now act as a resistance.

Crypto Market Cap Bitcoin Cash BCH EOS Tron TRX BNB

Looking at the total cryptocurrency market cap hourly chart, there was a solid upward move above the $175.0B resistance. However, the market cap struggled to clear the $178.5B and $180.0B resistances and recently corrected lower. On the downside, there is a strong bullish trend line in place with support at $170.5B. As long as the market cap is above $170.0B, it could bounce back above $178.5B or even $180.0B. Therefore, downsides are likely to be contained in bitcoin, ether, TRX, LTC, EOS, ripple, ADA, XLM, WAN, BCH, XMR and other altcoins in the near term.

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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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