Crypto Market Near Turning Point: BNB Up 10%, Bitcoin Cash, EOS, Tron Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap corrected lower and tested a major bullish trend line at $168.0B.
EOS price failed to stay above the $5.50 level and corrected towards the $5.40 support.
Binance Coin (BNB) rallied around 10% and broke the $21.00 resistance area.
Bitcoin cash price is down more than 4% and declined below the $300 support area.
Tron (TRX) price failed to stay above the $0.0272 and declined below $0.0268.

The crypto market cap is testing a crucial support, with strong bullish moves in binance coin (BNB). Bitcoin (BTC), Ethereum (ETH), bitcoin cash, ripple, litecoin, tron (TRX), and EOS could bounce back soon.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price consolidated near the $310 level for a few hours against the US Dollar. The BCH/USD pair failed to gain strength above $320, resulting in a bearish reaction. The price broke the $300 support and declined more than 4% today.

It is currently trading near the $295 support and the next key support is at $290. On the upside, the previous supports at $300 and $305 may now act as key resistance levels.

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

EOS price made an attempt to gain strength above the $5.60 resistance level, but it failed. As a result, the price started a downside correction and broke the $5.50 support level. The price even broke the $5.45 level and it may now test the next key support at $5.40. On the upside, the main resistances are near $5.55 and $5.60.

Tron price failed to stay above the $0.0272 and $0.0270 support levels and declined recently. TRX price broke the $0.0268 level and recently tested the $0.0265 support. If there are more losses, the price may revisit the $0.0260 support area.

Binance coin (BNB) was the best performer in the top 10 as it rallied close to 10%. BNB price surged above the $20.00 and $21.00 resistance levels to set a new 2019 high. It even spiked above the $22.00 resistance level and corrected lower towards the $21.50 support. On the downside, the next key supports are near the $21.20 and $21.00 levels.

Looking at the total cryptocurrency market cap hourly chart, there was a downside reaction from the $173.0B level. The market cap declined below $170.0B and tested the key $168.0B support and the 100 SMA. There is also a major bullish trend line in place with support near the $168.0B level. A break below the trend line could open the doors for more losses. Conversely, as long as the trend line is intact, there could be a strong comeback in bitcoin, ether, TRX, LTC, EOS, ripple, ADA, XLM, WAN, BCH, XMR and other altcoins in the coming sessions.

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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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.