- The total crypto market cap is holding a major support area near the $158.0B level.
- EOS price is trading nicely above $5.15 and it may climb towards the $5.40 level in the near term.
- Binance Coin (BNB) seems to be setting up for a break above the $20.00 level.
- Bitcoin cash price corrected lower after trading close to the $350 resistance.
- Tron (TRX) price is gaining momentum and it is currently up around 5% to $0.0272.
Bitcoin Cash Price Analysis
Bitcoin cash price was the best performer in the top 10 coin as it broke the $300 resistance level against the US Dollar. The BCH/USD pair even broke the $320 level and traded close to the $350 resistance. Recently, it started a downside correction and declined sharply below the $300 level.
However, the $275-280 support is acting as a strong buy zone. Therefore, the price is likely to bounce back as long as there is no close below the $275 support area.
EOS, Tron (TRX) and BNB Price Analysis
EOS price settled above the $5.00 and $5.10 support levels. The price is currently consolidating above the $5.15 level and it seems like it could trade above the $5.20 and $5.30 levels. The next stop could be $5.40, above which the price may climb towards the $5.75 and $5.80 levels.
Tron price is trading nicely and it recently gained more than 5%. TRX price recently broke the $0.0265 and $0.0270 resistance levels to move into an uptrend. If buyers remain in action, there are chances of more gains above the $0.0280 and $0.0295 resistance levels in the coming sessions.
Binance coin (BNB) spiked towards the $20.00 resistance level, but it could not gain pace above $20.00. BNB is currently consolidating above the $19.00 level and it seems to be preparing for the next wave. If there is an upside break above $20.00, there could be a sharp rally towards the $22.00 level. If not, the price may decline to $17.50.
Looking at the total cryptocurrency market cap hourly chart, there was a downside correction from the $178.0B and $180.0B resistance levels. The market cap declined below the $170.0B level, but the $158.0B level acted as a strong support. It represents the 50% Fib retracement level of the last wave from the $136.8B low to $178.3B high. Therefore, as long as the market cap is above $157.6B level, there could be a fresh increase in bitcoin, ETH, TRX, LTC, EOS, BNB, ripple, ADA, XLM, WAN, BCH, XMR and other altcoins in the near term.
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* First published on newsbtc.com