Crypto Market Testing Key Support: Bitcoin Cash, BNB, EOS, Tron Analysis
- The total crypto market cap corrected lower sharply and tested the $178.0B support area.
- Bitcoin price retreated after testing the $6,000 resistance and tested $5,850.
- EOS price is down 3% and it is currently trading near the $4.85 support level.
- Binance Coin (BNB) declined sharply after 7,000 BTC was stolen from Binance exchange.
- Bitcoin cash price struggled to stay above the $290 level and it recently broke the $285 support.
- Tron (TRX) price is trading with a positive bias and it is currently up 1.5%.
The crypto market cap tested a crucial support area after downside correction in bitcoin (BTC). Binance coin (BNB), Ethereum (ETH), bitcoin cash, ripple, tron (TRX), litecoin and EOS are trading near key supports.
Bitcoin Cash Price Analysis
There was yet another rejection near the $295 and $300 resistance levels in bitcoin cash price against the US Dollar. The BCH/USD pair even failed to hold the $290 level and recently declined below the $285 support level. The price is now approaching the $280 support, where the bulls may emerge.
On the upside, the main resistance is near $290, above which the price could test the $300 resistance level. On the downside, a break below the $280 support may push the price back in a bearish zone.
Binance Coin (BNB), EOS, Tron (TRX) Price Analysis
EOS price failed to clear the main $5.00 resistance level and recently declined below $4.90. The price is currently testing the $4.85 support level, below which the next key support is near the $4.72 level. On the upside, the major hurdles for an upside break are $4.95 and $5.00.
Tron price remained in a positive zone after it broke the key $0.0240 and $0.0242 resistance levels. TRX price is up more than 1.5% and it is currently testing the $0.0246 level. An immediate resistance is near the $0.0280 level, above which the price may test $0.0300.
Binance coin (BNB) declined sharply after 7,000 BTC was stolen from the exchange cold wallet. BNB price is down more than 7% and broke the $22.00 support. On the downside, the main support is at $20.00, where the bulls could take a stand.
Looking at the total cryptocurrency market cap 4-hours chart, there was a steady rise above the $180.0B level. The market cap tested the $188.0B level and recently corrected lower. It broke the $185.0B level and tested a major support near $178.0B and a connecting bullish trend line on the same chart. It is currently recovering above the $180.0B level. An immediate resistance is near $183.5B, above which the market cap could revisit the $186.0B or $188.0B level. Overall, there are many supports on the downside for bitcoin, ether, TRX, LTC, EOS, ripple, ADA, XLM, WAN, BCH, XMR and other major altcoins.