Bitcoin And Crypto Market Facing Hurdles: BCH, EOS, TRX, ADA Analysis
- The total crypto market cap is currently recovering, but it is facing resistance near $220.0B.
- Bitcoin price is up around 5%, but it is also facing hurdles near $8,300 and $8,350.
- EOS price extended its gains above the $3.000 resistance and tested $3.200.
- BCH price is up around 5% and it is trading near the key $240 resistance area.
- Tron (TRX) price rallied 10% and broke the $0.0160 resistance level.
- Cardano (ADA) price rebounded 5%, but it is still well below the $0.0450 and $0.0500 levels.
Bitcoin and the crypto market cap are rebounding, but facing hurdles. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are showing positive signs.
Bitcoin Cash Price Analysis
After forming a support base above the $205 level, BCH price corrected above the $220 level against the US Dollar. The price even surpassed the $225 and $230 levels. The price is now testing the $240 resistance area, which is acting as a strong barrier for more upsides.
If there is a downside correction, the price could test the $230 level. The main support on the downside is near the $220 level, below which the price could test the $205 support.
EOS, Tron (TRX) and ADA Price Analysis
EOS price remained in a positive zone above the $2.850 support area. It broke the key $3.000 resistance and recently gained bullish momentum above the $3.100 level. The price is now testing the $3.200 resistance and it might correct a few points in the near term.
Tron price started a strong rise above the $0.0150 resistance area. TRX price gained more than 10% and it recently surpassed the $0.0160 resistance area. The price tested the $0.0165 resistance and it is currently consolidating gains. The main supports on the downside are near the $0.0160 level.
Cardano price started a slow recovery and it recently climbed above the $0.0400 resistance. ADA price is now trading near $0.0420 and it is facing a strong resistance near the $0.0450 level. If there are more gains, the price could test the key $0.0500 resistance area. The main support on the downside is near $0.0400 and $0.0395.
Looking at the total cryptocurrency market cap 4-hours chart, there was a steady recovery from the $200.0B support area. The market cap climbed above the $208.0B resistance and a connecting bearish trend line on the same chart. However, it is now facing a strong resistance near the $220.0B level and the 100 SMA. If there is an upside break above the $220.0B resistance, there could be more gains 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