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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Crypto Market Tumbles $30 Billion: Bitcoin Cash, BNB, EOS, TRX Price Analysis

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

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  • The total crypto market cap jumped to a new monthly high at $276.0B before a strong decline.
  • Bitcoin price declined sharply below the $8,600 and $8,400 support levels.
  • EOS price is down around 8% and it recently broke the $7.800 and $7.500 support levels.
  • Binance Coin (BNB) traded below the $33.20 support level and it could test $31.50.
  • Bitcoin cash price is down 10% and it recently broke the $450 and $440 support levels.
  • Tron (TRX) price trimmed most gains and it is currently trading below the $0.0325 support.

The crypto market cap declined sharply below $255.0B, with nasty declines in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, tron (TRX), ripple, litecoin and EOS are currently under pressure.

Bitcoin Cash Price Analysis

After a strong upward move above the $450 and $460 levels, bitcoin cash price topped near the $480 level against the US Dollar. The BCH/USD pair started a strong decline and broke the $450 support level to enter a bearish zone. The pair even broke the $440 support level and registered 10% losses.

An immediate support is near the $420 level, below which the price might test the $405 or $400 support levels. On the upside, the previous supports near $450 are likely to act as a barrier for the bulls.

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

EOS price failed to stay above the $8.00 support level and declined sharply below the $7.80 support level. The price even broke the $7.50 support level and it is currently down around 8%. An immediate support is near the $7.30 level, followed by the $7.20 level.

Tron price trimmed most of its gains and declined below the $0.0350 support level. TRX price is down around 10% and it is now trading below the $0.0320 support level. The next key support on the downside is near the $0.0300 level.

Binance coin (BNB) is failed to stay above the $34.00 support level and recently declined nearly 7%. BNB price traded below the $33.20 support level and it could continue to move down towards the $31.50 or $31.20 support levels.

Crypto Market Cap Bitcoin Cash BTC BCH EOS BNB TRX ETH XRP

Looking at the total cryptocurrency market cap 4-hours chart, there was another increase to a new monthly high at $276.1B. However, the market cap struggled to remain in a positive zone and declined sharply below $265.0B and $255.0B. There was a break below the key $250.0B support and a bullish trend line. The recent decline was protected by the 100 SMA, but there is a risk of more losses in the near term. Therefore, upsides are likely to remain capped and there could be more losses 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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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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