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Crypto Market at Key Turning Point: BNB, EOS, Bitcoin Cash, Tron (TRX) Analysis
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Crypto Market at Key Turning Point: BNB, EOS, Bitcoin Cash, Tron (TRX) Analysis

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis altcoins

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  • The total crypto market cap seems to be struggling near the $118.0B and $119.0B resistances.
  • EOS price started a downside correction and declined below the $2.85 support level.
  • Binance Coin (BNB) is performing nicely and it is currently up around 2.5% to $9.20.
  • Bitcoin cash price is currently consolidating above the $122 support level.
  • Tron (TRX) price broke a key support and settled below the $0.0250 level.

The crypto market is facing an uphill task, with bearish moves. Therefore, there is a risk of bearish reaction in bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), BCH, ripple, EOS, TRX and ADA.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to stay above the $125 resistance level and later declined against the US Dollar. The BCH/USD pair moved below the $124 level and tested the $122 support. The pair is currently consolidating above the $122 support, with the next immediate support at $120.

If there is a fresh upward move, the price could face a strong resistance near the $125 level. On the downside, a break below the $120 support level might spark heavy bearish moves in the near term.

EOS, Tron (TRX) and BNB Price Analysis

EOS price rallied recently and traded towards the $2.95 and $3.00 resistance levels. Later, it started a downside correction and traded below the $2.85 and $2.80 support levels. The next key support is near $2.75 and $2.72, where buyers are likely to emerge.

Tron started failed to stay above the $0.0270 and $0.0265 support levels. TRX price declined recently and broke the $0.0255 and $0.0250 support levels. The price is currently trading near the $0.0240 level, with an immediate support at $0.0235. The main resistance is at $0.0255 (the previous support level).

Binance coin (BNB) performed really well in the past few days and rallied above the $8.00 and $9.00 resistance levels. BNB even traded above the $9.50 level and later corrected lower. The price is currently trading above $9.10 and it seems like it could revisit the $9.50 resistance in the coming sessions.

Crypto Market Cap BNB EOS BCH Bitcoin TRX

Looking at the total cryptocurrency market cap hourly chart, there was a downside correction from well above the $120.0B level. The market cap declined below the $118.0B support and tested the $115.0B support. It is currently consolidating in a range, plus facing a strong resistance near the $118.0B and $119.0B levels. As long as the market cap is below the $118.0B and $119.0B levels, there is a risk of a downside reaction. On the downside, a break below the $115.0B support could spark bearish moves in bitcoin, ETH, tron, litecoin, EOS, ripple, stellar, litecoin 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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