- The total crypto market cap declined recently, but stayed above the $280.0B support area.
- Bitcoin price is down more than 8% and it recently tested the $10,800-11,000 support area.
- BCH price is trading above the $400 support area and is facing hurdles near $425 and $430.
- EOS price is struggling to settle above the key $6.000 and $6.100 resistance levels.
- Stellar (XLM) price is trading well below the $0.1150 pivot level.
- Tron (TRX) price stayed above the main $0.0320 support area.
Bitcoin Cash Price Analysis
There were strong bearish moves in bitcoin cash price after it broke the key $450 support area against the US Dollar. The BCH/USD pair even spiked below the main $400 support area before correcting higher. It is currently consolidating above $400, but there are many hurdles on the upside.
An initial resistance is near the $425 level, above which there are chances of more gains above the $430 level. On the downside, the main supports are near $400 and $395.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price declined heavily below the $6.100 and $6.000 support levels. It even traded close the $5.500 support and is correcting higher. However, the same supports near $6.000 and $6.100 are acting as hurdles for the bulls. On the downside, an initial support is near $5.800, followed by $5.600.
Stellar price somehow managed to stay above the $0.1000 support area, but it settled below the $0.1100 level. On the upside, the $0.1100 and $0.1110 levels are acting as resistances. If there is an upside break above $0.1120, the price could recover towards the $0.1200 level.
Tron price also declined heavily and tested the $0.0320 support area. TRX price is currently trading above $0.0330, but it facing many hurdles near $0.0335 and $0.0340. A successful close above the $0.0340 level might push the price towards the $0.0350 level.
Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $335.0B and $325.0B support levels. However, the market cap managed to stay above the $275.0B and $280.0B support levels. At the outset, there is a breakout pattern forming on the same chart, with support near the $292.0B level. If there is a downside break below $290.0B, the market cap could revisit the $275.0B support area. Conversely, it must climb above the $315.0B and $320.0B levels to start a fresh increase. Overall, there could be more range moves in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins before the next move.
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Author: Aayush Jindal