- The total crypto market cap tested the key support area near $245.0B and bounced back.
- Bitcoin price jumped sharply after testing the main $8,000 support area.
- EOS price is up more than 10% and it broke the $8.00 and $8.20 resistance levels.
- Bitcoin cash price tested the $420 support level and bounced back above $440.
- Tron (TRX) price is up more than 12% and it recently broke the $0.0350 resistance.
- Cardano (ADA) price is currently trading near the $0.0900 and $0.0905 resistance levels.
Bitcoin Cash Price Analysis
Recently, we saw a sharp downside correction in bitcoin cash price from well above $475 against the US Dollar. The BCH/USD pair traded below the $450 support level. The pair tested the $420 support area, which acted as a strong support.
The pair bounced back and moved above the $430 and $440 levels. The next key resistance is near the $450 level, above which the price could trade above the $465 level.
EOS, Tron (TRX) and ADA Price Analysis
EOS price performed really after it tested the key $7.000 support area. The price recovered significantly and traded above the $7.800 and $8.000 levels. The price is up more than 13% today and it is currently trading above the $8.200 level. The next important resistance for the bulls is near the $8.450 and $8.500 levels.
Tron price also recovered sharply and climbed back above the $0.0340 and $0.0350 resistance levels. TRX price is currently trading with a positive tone above the $0.0350 level and it might continue to rise above the $0.0365 levels. On the downside, the main supports are near the $0.0342 and $0.0340 levels.
Cardano price recovered after testing the $0.0800 support level. ADA price broke the $0.0860 and $0.0880 resistance levels and it is currently trading near the $0.0900 level. The next key resistance is near the $0.0920 level, above which the price could trade towards the $0.0950 level.
Looking at the total cryptocurrency market cap hourly chart, there was a solid downside correction from the $277.4B swing high. The market cap declined more than $30.0B. It even broke the key $255.0B support area and tested the next support at $240.0B level and the 100 SMA. The market remained well bid near the $240.0B level and bounced back sharply above $255.0B. It is currently above $260.0B and facing a couple of important resistances near the $265.0B and $270.0B levels. Overall, 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.
Author: Aayush Jindal