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Breaking News: CLARITY Act Heading To Senate Vote April 14–20 As Lawmakers Strike Stablecoin Deal

Crypto Market Testing Key Hurdle: BNB Rallies 12%, Bitcoin Cash, EOS, TRX Analysis

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:38 pm
2 mins read
technical analysis altcoins

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  • The total crypto market cap seems to be facing a couple of important resistance levels.
  • EOS price is slowly moving higher from the $3.62 support area, with a positive angle.
  • Binance Coin (BNB) surged more than 10% and broke the $16.50 resistance.
  • Bitcoin cash price is currently consolidating above the $165 support level.
  • Tron (TRX) price retreated from highs and declined more than 4%.

The crypto market is slowly moving lower, while bitcoin (BTC) and Ethereum (ETH) are facing many hurdles. Binance coin (BNB) rallied recently, whereas BCH, ripple, EOS, TRX and ADA are currently consolidating.

Bitcoin Cash Price Analysis

Bitcoin cash price declined recently below the $170 and $165 support levels against the US Dollar. The BCH/USD pair tested the $160 support level and later bounced back. The pair moved above the $165 resistance and it is currently consolidating gains.

On the upside, an initial resistance is near the $168 level, followed by $170. Once there is a break above the $170 level, the price could climb to a new monthly high in the near term.

EOS, Tron (TRX) and BNB Price Analysis

EOS price declined recently and traded below the $3.65 support level. The price tested the $3.60 support level and it is currently correcting higher. Buyers pushed the price above the $3.65 level, with a positive angle. However, there are many hurdles on the upside near the $3.70 and $3.72 levels.

Tron price traded above the $0.0230 level recently and later failed to hold gains. TRX price is down more than 4% and it is currently trading below $0.0230. An immediate support is at $0.0225, below which the price could decline towards the $0.0220 level.

Binance coin (BNB) performed really well recently and climbed above the $16.00 and $16.50 resistance levels. BNB price is up more than 12% and it recently spiked above the $17.00 level. The next key resistances are near $17.40 and $17.50. If there is a downside correction, the previous resistances near the $16.50 and $16.20 levels are likely to act as decent supports.

Crypto Market Cap Bitcoin Cash BCH TRX EOS BNB

Looking at the total cryptocurrency market cap hourly chart, there was a crucial bearish reaction near the $136.0B resistance level. There was a slow and steady decline below the $134.0B and $133.0B levels. The market cap is currently following a major bearish trend line with current resistance at $133.5B on the same chart. A proper close above the trend line and $134.0B is needed for buyers to gain traction in the near term. If not, there is a risk of more losses in bitcoin, ETH, tron, litecoin, EOS, ripple, cardano, XLM, ICX, 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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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