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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market At Crucial Juncture: Bitcoin Cash, EOS, XLM, TRX Price Analysis

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis altcoins

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  • The total crypto market cap faced a strong resistance near $130.0B and declined.
  • Bitcoin cash price failed to break the $134 resistance and declined towards $130.
  • EOS price is currently correcting lower and it may test the $2.65 support level.
  • Stellar (XLM) price failed to move above the $0.0900 resistance and declined.
  • Tron (TRX) is declining towards the $0.0225 and $0.0220 support levels.

The crypto market is facing a strong resistance and upsides are capped in bitcoin (BTC) and Ethereum (ETH). It seems like BCH, EOS, ripple, stellar (XLM) and tron (TRX) could correct lower.

Bitcoin Cash Price Analysis

Bitcoin cash price faced a strong resistance near the $134 level against the US Dollar. The BCH/USD pair started a downside move and broke the $132 support level. The decline was such that the price tested the $130 support. If sellers push the price below $130, there could be additional losses towards the $126 and $125 support levels.

On the upside, an initial resistance is near the $132 level, above which the price could retest the $134 resistance. To climb further higher, there must be a daily close above the $134 and $135 resistances.

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

EOS price faced a solid barrier near the $4.00 level after a strong rally from the $3.20 support. The price started a downside correction and broke the $3.85 and $3.80 support levels. It is now trading below the $3.75 support and it seems like it could head towards the key $3.65 support level, where buyers are likely to emerge.

Stellar price remained in a bearish zone, despite the recent recovery above $0.0820. XLM price failed to settle above the $0.0900 resistance and it recently declined below $0.0880. The current price action suggests that the price may continue to decline towards the $0.0840 and $0.0820 support levels.

Tron price faced a strong resistance near the $0.0240 level, which was support earlier. TRX declined again and it broke the $0.0235 support. It may continue to move down if sellers push the price below the $0.0230 support area.

Crypto Market  Cap Bitcoin Cash BCH TRX EOS XLM

Looking at the total cryptocurrency market cap hourly chart, there was a rejection pattern formed near the $130.0B level. The market cap corrected lower and tested the $127.5B and $128.0B support levels. It seems like there is an ascending channel in place with support near the $128.0B level. If there is a downside break, the market cap could decline further towards the $126.0B and $125.0B support levels. On the other hand, a break above $130.0B resistance will most likely push bitcoin, Ethereum, EOS, ripple, LTC, bitcoin cash, XLM, TRX, and other altcoins further higher 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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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