Crypto Market Trims $30 Billion: Bitcoin Cash, BNB, EOS, TRX Price Analysis
The total crypto market cap corrected lower sharply from the $250.0B resistance area.
Bitcoin price is down more than 10% and it recently broke the $7,500 support.
EOS price declined heavily below the $6.40 and $6.20 support levels.
Binance Coin (BNB) is down around 10% and it is currently trading near the $24.20 support.
Bitcoin cash price fell more than 12% and it broke the $400 and $385 support levels.
Tron (TRX) price nosedived more than 18% and broke the $0.0300 and $0.0280 supports.
The crypto market cap corrected lower sharply, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, ripple, tron (TRX), litecoin and EOS corrected lower sharply.
Bitcoin Cash Price Analysis
This week, we saw a strong rise in bitcoin cash price above the $400 and $420 resistance levels against the US Dollar. The BCH/USD pair even spiked above the $440 resistance and tested the main $450 resistance level. Recently, it started a strong downside correction and broke many supports near the $420 and $400 levels.
The pair is currently down more than 12% and is trading near the $375 support. If there are more losses, the price may even test the $365 support level in the near term.
Binance Coin (BNB), EOS, Tron (TRX) Price Analysis
EOS price traded towards the $6.90 level before starting a strong decline. The price broke the $6.50 and $6.40 support levels to move into a short term bearish zone. The decline was such that the price even broke $6.20 and it is currently testing the main $6.00 support.
Tron price trimmed most its gains from well above the $0.0300 support level. TRX price is down more than 18% and it is now trading well below $0.0280. An immediate support is $0.0260, below which it could test $0.0250.
Binance coin (BNB) is also down more than 10% and it recently broke the $26.00 and $25.00 support levels. BNB price is trading near the $24.20 support and it seems like it could test the $23.80 or $23.50 support levels in the coming sessions.
Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp rally above the $225.0B resistance level. The market cap even spiked above the $250.0B level and recently started a major downside correction. It is down more than $30.0B and tested the $210.0B support level. During the decline, it broke a connecting bullish trend line at $235.0B and it is currently holding another bullish trend line with current support at $216.0B. As long as the market cap is above the $210.0B and $200.0B support levels, there could be a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX.
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