Bitcoin & Crypto Market Cap Rising: LTC, BNB, BCH, TRX Analysis
- The total crypto market cap broke a major resistance area near the $272.0B level.
- Bitcoin price jumped more than 5% and broke the $10,600 resistance area.
- Binance coin (BNB) price recovered above $28.00, but it struggled to surpass the $29.00 resistance.
- Litecoin (LTC) price is still trading well below the $80.00 resistance area.
- BCH price extended gains and traded above the $320 resistance level.
- Tron (TRX) price struggled to climb above the $0.0180 resistance area.
The crypto market cap and bitcoin (BTC) are showing positive signs. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS might climb higher in the short term.
Bitcoin Cash Price Analysis
BCH price started a decent recovery from the $300 support area against the US Dollar. The BCH/USD pair climbed above the $315 level and recently surpassed the $320 resistance level. An immediate resistance is near the $330 level, but the main resistance is near the $340 level.
Conversely, if there is a fresh decline, the price might test the $310 level. The main support is near the $300 level, below which the price might turn bearish in the near term.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price remained well bid above the $27.00 level and recently recovered higher. BNB price broke the $28.00 resistance, but it seems like it is facing a strong resistance near the $29.00 level. The price is currently correcting lower and it might test the $28.00 support area.
Litecoin price is trading in a bearish zone below the $82.00 and $80.00 resistance levels. LTC price is currently consolidating above the $76.00 support, below which it could revisit the $72.00 support level. The next key support is near the $70.00 level.
Tron price recovered recently above the $0.0175 level, but it failed to post gains above the $0.0180 resistance level. TRX price is currently moving lower towards the $0.0170 support level. If there are more downsides, the price could decline towards the $0.0165 level in coming sessions.
Looking at the total cryptocurrency market cap 4-hours chart, there was a steady rise above the $265.0B resistance levels. More importantly, the market cap climbed above a crucial resistance near $272.0B and a connecting bearish trend line on the same chart. It opened the doors for more upsides, with an immediate resistance near the $280.0B and $285.0B levels. The next major resistance area is near the $300.0B level. If there is a downside correction, the $272.0B and $270.0B levels might provide support. Moreover, the broken trend line at $265.0B could also act as a support. Therefore, dips remain supported in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.
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Aayush Jindal, Khareem Sudlow