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Breaking News: Bitcoin And Ethereum Post Worst Start To A Year On Record: Fortune
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Breaking News: Bitcoin And Ethereum Post Worst Start To A Year On Record: Fortune

Crypto Market Could Dive To $200B, Bitcoin Turns Red: BCH, XLM, EOS, TRX Analysis

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:00 pm
2 mins read
Bitcoin Crypto Market Down

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Created by industry experts and meticulously reviewed
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  • The total crypto market cap is currently in a bearish zone below the $220.0B resistance.
  • Bitcoin price is trading above the $8,000 support and remains at a risk of more losses.
  • BCH price is now consolidating losses below the $250 resistance area.
  • EOS price is declining and approaching the $3.050 and $3.000 support levels.
  • Stellar (XLM) price is down more than 2% and it is now below the $0.0650 support.
  • Tron (TRX) price is down close to 4% and it is trading near the $0.0165 support.

Bitcoin (BTC) and the crypto market cap are currently in a heavy downtrend. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are under a lot of selling pressure.

Bitcoin Cash Price Analysis

Recently, BCH price declined heavily below the $265 support area against the US Dollar. The price even broke the $250 support area and traded close to $235. It is currently consolidating losses above $240 and facing a strong resistance near the $250 and $255 levels.

The main resistance is now near the $265 level. On the downside, an initial support is near the $235 level, below which the price could test the $225 level.

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

EOS price declined sharply in the past few days and broke many key supports near $3.500 and $3.350. The price is now trading in a bearish zone and it is approaching the $3.050 and $3.000 support levels. A downside break below $3.000 might push the price towards $2.850.

Stellar price trimmed most its gains from well above the $0.0700 level and it is now declining below $0.0168. XLM price even broke the $0.0650 support and it seems like it is likely to test the $0.0620 support area. On the upside, the $0.0665 may perhaps act as a resistance.

Tron price faced an increase in selling pressure after it broke the 0.0185 support area. TRX price is down around 4% and it is trading near the $0.0165 support area. If there are more losses, the price is likely to continue lower towards the $0.0152 support area.

Bitcoin Crypto Market Cap ETH XRP EOS BNB TRX ADA LTC
Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there are many bearish signs visible below the $220.0B and $230.0B resistance levels. On the downside, the main support is near the $210.0B level, below which there is a risk of a drop towards the $200.0B support area. Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term unless the crypto market cap climbs back above $230.0B.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
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