Crypto Market and Bitcoin Surging: BCH, EOS, TRX, ADA Analysis
- The total crypto market cap climbed higher nicely and surpassed the $280.0B resistance.
- Bitcoin price rallied close to 8% and broke the key $11,200 and $11,500 resistance levels.
- EOS price is slowly rising towards the $4.400 and $4.500 resistance levels.
- BCH price broke the $340 resistance and it could attempt to surpass the $350 resistance.
- Tron (TRX) price is still consolidating above the $0.0220 support level.
- Cardano (ADA) price is struggling to move higher and it is currently near the $0.0560 level.
Bitcoin price and the crypto market cap are currently gaining bullish momentum. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB could accelerate higher.
Bitcoin Cash Price Analysis
There were positive moves in bitcoin cash price above the $320 and $330 resistance levels against the US Dollar. The BCH/USD pair even broke the $340 resistance level and traded close to the $350 level. If it currently consolidating gains and it might soon make another attempt to surpass the $350 resistance level.
If there is a downside correction, an immediate support is near the $340 level. Any further losses might push the price back towards the $320 support zone in the near term.
EOS, Tron (TRX) and ADA Price Analysis
EOS price remained stable above the $4.100 and $4.200 support levels. However, it is struggling to gain bullish momentum above $4.300 and is slowly rising towards the $4.400 and $4.500 resistance levels. On the downside, the main support is near the $4.200 level.
Tron price is facing an uphill task near the $0.0230 and $0.0232 resistance levels. TRX price is currently consolidating above the $0.0220 level and it might start a decent rise. However, a successful break above the $0.0232 resistance is must for a short term upside correction.
Cardano price remained under pressure and failed to break the $0.0600 resistance area. ADA price is currently trading near $0.0560, with a key support near the $0.0550 level. On the upside, the price is facing many hurdles near the $0.0580 and $0.0600 levels. On the downside, a break below $0.0550 might push the price towards $0.0520.
Looking at the total cryptocurrency market cap 4-hours chart, there was a solid upward move above the $270.0B and $280.0B resistance levels. The market cap even broke the $290.0B resistance level and almost tested the $300.0B resistance level. If there are more upsides, the next stop could be near the $315.0B level. On the downside, there are many supports forming near the $288.0B and $285.0B levels. The main support area is near the $280.0B level (the previous resistance). Therefore, dips remain supported in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.
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Aayush Jindal, Khareem Sudlow