Crypto Market Rebound Facing Hurdles: Bitcoin Cash, EOS, BNB, TRX Price Analysis
The total crypto market cap failed near the $136.0B resistance and declined sharply.
EOS price broke the $3.70 support and tested the $3.62 support area.
Binance Coin (BNB) is down more than 4% and settled below the $15.00 support level.
Bitcoin cash price is correcting lower and it may test the $150 support zone.
Tron (TRX) price is stable and still holding the key $0.0220 support level.
The crypto market could turned red and facing a lot of hurdles, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, ripple, EOS, TRX and ADA are likely to extend losses.
Bitcoin Cash Price Analysis
Bitcoin cash price started a downside correction after testing the $165 resistance against the US Dollar. The BCH/USD pair traded below the $160 and $155 support levels. It even tested the $150 support level and it is currently consolidating losses.
An immediate support is at $150, below which the price may trade towards the $140 support level. On the upside, the previous supports near the $155 and $160 levels are likely to act as barriers for buyers.
EOS, Tron (TRX) and BNB Price Analysis
EOS price started a downside move after it failed to break the $3.80 resistance. There was a steady decline below the $3.75 and $3.70 support levels. The price even broke the $3.65 support and traded close the $3.60 support. It is currently trading near $3.65, with many hurdles on the upside near $3.70.
Tron price was stable and decline was limited below $0.0230. TRX price is still trading above the $0.0220 support, which is a positive sign. However, the price must settle above $0.0230 and $0.0235 to move into a positive zone.
Binance coin (BNB) started a major downside correction from well above the $15.50 level. BNB price broke the $15.00 support and the price is now down more than 4%. An immediate support is at $14.50, below which the price may trade towards the $14.05 support. On the upside, the $15.00 level is likely to prevent gains in the near term.
Looking at the total cryptocurrency market cap hourly chart, there was another rejection near the $136.0B resistance level. As a result, there was a sharp drop below the $135.0B level and a connecting bullish trend line on the same chart. The market cap even settled below the $133.5B support and the 100 hourly simple moving average. It tested the $130.0B support and later bounced back above $132.0B. However, there are many hurdles for more gains near the $132.8B and $133.50B levels. Therefore, upsides are likely to remain capped in bitcoin, ETH, tron, litecoin, EOS, ripple, cardano, XLM, ICX, BCH, XMR and other altcoins in the near term.
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