Crypto Market Testing Crucial Support: Bitcoin Cash, Litecoin, EOS, XLM Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap declined sharply and tested an important support near $210.0B.
Bitcoin price is showing signs of a decent recovery above the $7,200 support level.
Litecoin (LTC) price failed to stay above the $100 level and recently declined below $90.
Bitcoin cash price is down more than $90 from the recent high and broke the $380 support.
EOS price is once again below the key $6.20 and $6.00 support levels.
Stellar (XLM) price is gaining traction and it is up more than 7% to $0.1310.

The crypto market cap is currently holding a crucial support, with range moves in bitcoin (BTC) and Ethereum (ETH). Altcoins such as LTC, ripple, bitcoin cash, EOS, TRX, and stellar slowly recovering.

Bitcoin Cash Price Analysis

Bitcoin cash price surged towards the $450 level and recently declined heavily against the US Dollar. The BCH/USD pair broke the $400 and $385 support levels to enter a bearish zone. The recent decline was such that the price even broke the $365 support and tested the $350 support level.

The price is currently consolidating above the $350 support and it could correct higher in the short term. An immediate resistance is at $375, above which the price may test the $385 level.

Litecoin (LTC), EOS and Stellar (XLM) Price Analysis

Litecoin price failed to stay above the $100 level and topped near the $107 level. LTC price is down sharply and it recently traded below the $100, $95 and $92 support levels. The price even broke $90 and tested the $85 support level.

EOS price recently traded below the key $6.40 and $6.20 support levels. More importantly, it broke the $6.00 support level and the price test the $5.85 support. It could recover in the short term and might test $6.00 or $6.20.

Stellar price is performing well and remained well bid above the $0.1150 support level. XLM price is up more than 7% and it recently broke the $0.1250 and $0.1300 resistance levels. The next key hurdles are $0.1350 and $0.1380, where sellers may emerge.

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp bearish reaction from well above the $250.0B level. The market cap declined more than $40.0B and tested the $210.0B support area. It seems like there is a strong support forming near the $210.0B level and a connecting bullish trend line on the same chart. Therefore, as long as the market cap is above the trend line and $210.0B, there could be upsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the coming sessions. If not, there could be a downside extension towards the $200.0B support area.

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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