Bitcoin And Crypto Market Rebound Facing Hurdles: BCH, XLM, EOS, TRX Analysis (Newsbtc)
The total crypto market cap declined to $242.0B and is currently correcting higher.
Bitcoin price is currently correcting higher and is trading above the $10,200 level.
BCH price stayed above the $300 support and it is currently near the $310 level.
EOS price is currently consolidating above the key $3.500 support area.
Stellar (XLM) price is slowly recovering higher towards the $0.0700 and $0.0720 resistance levels.
Tron (TRX) price is trading in a strong downtrend below $0.0200 and $0.0180.
Bitcoin (BTC) and the crypto market cap are recovering towards key resistances. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are trading in a major downtrend.
Bitcoin Cash Price Analysis
Recently, BCH price started a fresh decline after tagging the $355 level against the US Dollar. The BCH/USD pair declined below the $340 and $330 support levels. It tested the $305 level and it is currently consolidating near the $310 level. On the upside, an immediate resistance is near the $315 and $320 levels.
On the downside, the main supports are near $305 and $300. If there is a bearish break below the $300 support, the price could continue to decline towards the $285 support.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price declined heavily after it broke the $4.000 and $3.800 support levels. The price even spiked below $3.500 and it is currently consolidating losses. An immediate resistance is near the $3.700 and $3.800 levels. Above these, the price could test the main $4.000 resistance area. On the downside, the main support is near the $3.500 level.
Stellar price is slowly correcting higher towards the $0.0700 and $0.0720 resistance levels. If XLM price climbs above $0.0720, it could correct higher towards the $0.0800 resistance level. On the downside, the main supports are near $0.0650 and $0.0640.
Tron price declined heavily after it traded below the key $0.0200 support level. TRX price even declined below $0.0185 and $0.0180. It is currently trading near $0.0172 and it might correct higher towards the $0.01800 resistance.
Looking at the total cryptocurrency market cap 4-hours chart, there a sharp decline below the $265.0B support area. The market cap even broke the $250.0B support and moved towards $240.0B. A swing low was formed near $242.0B and the market cap is currently recovering higher. On the upside, there is a strong resistance forming near the previous support at $272.0B and a connecting bearish trend line. Therefore, the current recovery could face hurdles near the $270.0B and $272.0B levels. Overall, upsides are likely to remain capped in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.
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