Crypto Market Following Strong Uptrend: Bitcoin Cash, XLM, EOS, TRX Analysis
- The total crypto market cap recovered sharply after testing the key $210.0B support area.
- Bitcoin price jumped back above the $7,800 and $8,000 resistance levels.
- Bitcoin cash price is up more than 5% and it recently broke the key $400 resistance.
- EOS price is now trading above the $6.00 and $6.15 support levels, with a positive bias.
- Stellar (XLM) price is currently consolidating gains above the $0.1300 and $0.1320 levels.
- Tron (TRX) price is slowly moving higher towards the key $0.0300 resistance level.
The crypto market cap is gaining momentum, with positive moves in bitcoin (BTC) and Ethereum (ETH). Besides, BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are likely to accelerate higher.
Bitcoin Cash Price Analysis
Bitcoin cash price declined heavily this past week and broke the $385 and $365 support levels against the US Dollar. The BCH/USD pair tested the $350-355 support area and recently bounced back sharply. It broke the $385 and $400 resistance levels to move back in a positive zone.
The current price action is positive above $405, with an immediate resistance near the $425 level. A clear break above the $425 resistance may push the price towards the $430 and $440 levels.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price climbed back above the $6.00 pivot level after a strong downside correction. The price is now trading well above the $6.20 support level and it seems like it could even make an attempt to surpass the key $6.50 resistance level in the near term.
Stellar price remained stable after it surged above the $0.1100 and $0.1200 resistance levels. XLM price is now trading nicely above the $0.1350 level and it could soon trade above $0.1400 and $0.1420. On the downside, the main supports are $0.1320 and $0.1300.
Tron price failed to stay above the $0.0300 level for a long time. TRX price declined towards the $0.0265 support level and it is currently correcting higher. On the upside, there are many hurdles near the $0.0295 and $0.0300 levels.
Looking at the total cryptocurrency market cap hourly chart, there was a sharp upward move above the $220.0B and $230.0B resistance levels. The trend line and support near $210.00 and $215.0B proved significant, resulting in a strong upward move. The market cap is now above the $235.0B level and it recently tested the $247.0B level. In the short term, there could be a downside correction, but the $230.0B level is likely to act as a strong support. On the upside, there are many hurdles near $248.0B and $250.0B, above which the market cap could rally to $260.0B. Overall, there could be more upsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.
The post Crypto Market Following Strong Uptrend: Bitcoin Cash, XLM, EOS, TRX Analysis appeared first on NewsBTC.
OhNoCrypto via https://www.ohnocrypto.com/ @Aayush Jindal, @Khareem Sudlow