Bitcoin And Crypto Market Remains Vulnerable: BCH, XLM, EOS, TRX Analysis
- The total crypto market cap declined heavily and tested the $285.0B support area.
- Bitcoin price is under a lot of pressure and it recently tested the $11,000 support area.
- BCH price is down 5% today and it settled below the $350 support area.
- EOS price is currently correcting higher, but it may face hurdles near the $4.80 level.
- Stellar (XLM) price tumbled below the $0.0900 level and even tested the $0.0850 support.
- Tron (TRX) price extended losses by more than 8% and broke the $0.0300 support area.
The crypto market cap and bitcoin (BTC) declined heavily below key supports. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are currently under a lot of selling pressure.
Bitcoin Cash Price Analysis
There was a strong decline in bitcoin cash price after it broke the key $380 support area against the US Dollar. The BCH/USD pair even traded below the $360 support and settled below the $350 level. The pair is currently consolidating losses, but it remains at a risk of more losses below $340 and $335.
The main support on the downside is near the $320 zone, below which there is a risk of a test of $300. On the upside, a close above the $380 level is needed for a decent recovery.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price declined sharply below the $5.000 and $4.500 support levels. It tested the $4.400 support level and is correcting higher. However, there are a few important resistances on the upside near the $4.75 and $4.80 levels, above which the price could recover positively.
Stellar price came under a lot of selling pressure after it broke the main $0.1000 support level. XLM price even cleared the $0.0920 support level and traded close to the $0.0850 level. If there are more losses, the price may even test the $0.0800 support level.
Tron price is extending losses below the $0.0320 and $0.0300 support levels. TRX price is down more than 8% today and it could continue to slide towards the $0.0280 support level. On the upside, the main resistances are near $0.0295 and $0.0300.
Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $330.0B and $320.0B support levels. The market cap even broke the key $300.0B support area and moved closer towards the $285.0B support area. In the short term, there could be an upside correction, but the market cap is likely to face resistance near the $305.0B and $308.0B levels. Therefore, there are chances of more losses in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.
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