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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Crypto Market Trims $30 Billion: Bitcoin Cash, BNB, EOS, 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 corrected lower sharply from the $250.0B resistance area.
  • Bitcoin price is down more than 10% and it recently broke the $7,500 support.
  • EOS price declined heavily below the $6.40 and $6.20 support levels.
  • Binance Coin (BNB) is down around 10% and it is currently trading near the $24.20 support.
  • Bitcoin cash price fell more than 12% and it broke the $400 and $385 support levels.
  • Tron (TRX) price nosedived more than 18% and broke the $0.0300 and $0.0280 supports.

The crypto market cap corrected lower sharply, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, ripple, tron (TRX), litecoin and EOS corrected lower sharply.

Bitcoin Cash Price Analysis

This week, we saw a strong rise in bitcoin cash price above the $400 and $420 resistance levels against the US Dollar. The BCH/USD pair even spiked above the $440 resistance and tested the main $450 resistance level. Recently, it started a strong downside correction and broke many supports near the $420 and $400 levels.

The pair is currently down more than 12% and is trading near the $375 support. If there are more losses, the price may even test the $365 support level in the near term.

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

EOS price traded towards the $6.90 level before starting a strong decline. The price broke the $6.50 and $6.40 support levels to move into a short term bearish zone. The decline was such that the price even broke $6.20 and it is currently testing the main $6.00 support.

Tron price trimmed most its gains from well above the $0.0300 support level. TRX price is down more than 18% and it is now trading well below $0.0280. An immediate support is $0.0260, below which it could test $0.0250.

Binance coin (BNB) is also down more than 10% and it recently broke the $26.00 and $25.00 support levels. BNB price is trading near the $24.20 support and it seems like it could test the $23.80 or $23.50 support levels in the coming sessions.

Crypto Market Cap Bitcoin Cash BTC BCH EOS BNB TRX

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp rally above the $225.0B resistance level. The market cap even spiked above the $250.0B level and recently started a major downside correction. It is down more than $30.0B and tested the $210.0B support level. During the decline, it broke a connecting bullish trend line at $235.0B and it is currently holding another bullish trend line with current support at $216.0B. As long as the market cap is above the $210.0B and $200.0B support levels, there could be a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX.

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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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