Crypto Market Testing Key Hurdle: BNB Rallies 12%, Bitcoin Cash, EOS, TRX Analysis

  • The total crypto market cap seems to be facing a couple of important resistance levels.
  • EOS price is slowly moving higher from the $3.62 support area, with a positive angle.
  • Binance Coin (BNB) surged more than 10% and broke the $16.50 resistance.
  • Bitcoin cash price is currently consolidating above the $165 support level.
  • Tron (TRX) price retreated from highs and declined more than 4%.

The crypto market is slowly moving lower, while bitcoin (BTC) and Ethereum (ETH) are facing many hurdles. Binance coin (BNB) rallied recently, whereas BCH, ripple, EOS, TRX and ADA are currently consolidating.

Bitcoin Cash Price Analysis

Bitcoin cash price declined recently below the $170 and $165 support levels against the US Dollar. The BCH/USD pair tested the $160 support level and later bounced back. The pair moved above the $165 resistance and it is currently consolidating gains.

On the upside, an initial resistance is near the $168 level, followed by $170. Once there is a break above the $170 level, the price could climb to a new monthly high in the near term.

EOS, Tron (TRX) and BNB Price Analysis

EOS price declined recently and traded below the $3.65 support level. The price tested the $3.60 support level and it is currently correcting higher. Buyers pushed the price above the $3.65 level, with a positive angle. However, there are many hurdles on the upside near the $3.70 and $3.72 levels.

Tron price traded above the $0.0230 level recently and later failed to hold gains. TRX price is down more than 4% and it is currently trading below $0.0230. An immediate support is at $0.0225, below which the price could decline towards the $0.0220 level.

Binance coin (BNB) performed really well recently and climbed above the $16.00 and $16.50 resistance levels. BNB price is up more than 12% and it recently spiked above the $17.00 level. The next key resistances are near $17.40 and $17.50. If there is a downside correction, the previous resistances near the $16.50 and $16.20 levels are likely to act as decent supports.

Looking at the total cryptocurrency market cap hourly chart, there was a crucial bearish reaction near the $136.0B resistance level. There was a slow and steady decline below the $134.0B and $133.0B levels. The market cap is currently following a major bearish trend line with current resistance at $133.5B on the same chart. A proper close above the trend line and $134.0B is needed for buyers to gain traction in the near term. If not, there is a risk of more losses in bitcoin, ETH, tron, litecoin, EOS, ripple, cardano, XLM, ICX, BCH, XMR and other altcoins in the near term.

The post Crypto Market Testing Key Hurdle: BNB Rallies 12%, Bitcoin Cash, EOS, TRX Analysis appeared first on NewsBTC.

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