Crypto Market And Bitcoin Turn Vulnerable: BCH, BNB, EOS, TRX Analysis
- The total crypto market cap extended its decline and broke the key $260.0B support.
- Bitcoin price declined around 8% and settled below the key $10,000 support.
- EOS price traded below the $3.550 support and remains at a risk of more downsides.
- Binance Coin (BNB) is extending its decline below the key $27.50 support level.
- BCH price is down around 5% and it recently broke the $300 support area.
- Tron (TRX) price is now trading below the $0.0170 level and it might continue to slide.
Bitcoin (BTC) and the crypto market cap declined heavily. Binance coin (BNB), Ethereum (ETH), BCH, tron (TRX), litecoin, ripple and EOS are also trading in a bearish zone.
Bitcoin Cash Price Analysis
After a failed attempt near the $325 level, BCH price started a fresh decline against the US Dollar. The BCH/USD pair broke the $320 support and even traded below the key $305 support level. The price is now trading below the $300 level and it seems like the next stop could be near the $280 level.
If there is an upside correction, the price is likely to face hurdles near the $305 and $310 levels. The main resistance on the upside remains near $320.
Binance Coin (BNB), EOS, Tron (TRX) Price Analysis
EOS price extended its decline below the $3.650 and $3.550 support levels. The price is now trading below the $3.500 level and it may soon revisit the $3.350 support level. If there are more downsides, the price could test the $3.200 support area. On the upside, the main hurdles are near the $3.650 and $3.700 levels.
Tron price is trading in a crucial downtrend below $0.0180. TRX price recently traded below the $0.0170 level and it remains at a risk of more losses below the $0.01650 level. The next stop for the bulls is near the $0.0154 level.
Binance coin (BNB) failed to stay above the key $27.50 support area. BNB price is down around 4% and it is now trading well below the $27.00 level. An immediate support is near the $26.00 level, below which it could decline towards the $25.00 support area.
Looking at the total cryptocurrency market cap 4-hours chart, there was a fresh decline initiated from well above the $280.0B level. The market cap declined below the $272.0B and $260.0B support levels. It recently visited the $245.0B support area and it seems like there could be more downsides. If there is an upside correction, the previous support are near the $260.0B and $262.0B levels might prevent gains. Overall, upsides are likely to remain capped in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term.
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Aayush Jindal, Khareem Sudlow