Crypto Market Showing Positive Signs: Bitcoin Cash, EOS, TRX, ADA Analysis
The total crypto market cap stayed above the key $265.0B support area and climbed higher.
Bitcoin price is up more than 1.5% and it is trading with a positive bias.
EOS price is slowly moving higher towards the key $7.00 resistance area.
Bitcoin cash price is back above the $410 level and it could continue to rise towards $425.
Tron (TRX) price is trading nicely above the $0.0330 level and it could revisit $0.0350.
Cardano (ADA) price is struggling to move towards the $0.0950 resistance area.
The crypto market cap is gaining pace, with bullish moves in bitcoin (BTC) and Ethereum (ETH). EOS, Tron (TRX), BCH, ripple, ADA, BNB, and other altcoins could climb higher in the near term.
Bitcoin Cash Price Analysis
Recently, bitcoin cash price corrected lower and tested the $400 support area against the US Dollar. The BCH/USD pair remained well bid and started a fresh increase above $405 and $410. The pair even broke the $415 level and it is likely to continue higher towards the $425 level.
On the downside, an initial support is near the $410 level. If the pair fails to stay above the $410 level, it could retest the main $400 support.
EOS, Tron (TRX) and ADA Price Analysis
EOS price tested the $6.600 support area and it is currently recovering. The price traded above the $6.800 resistance, but it facing a lot of hurdles on the upside near the $6.950 and $7.000 levels. A close above $7.000 is must for a bullish continuation.
Tron price mostly traded in a range and it is currently trading above the $0.0330 level. TRX price could continue to rise, but it won’t be easy for the bulls to clear the $0.0350 resistance. The main support on the downside is at $0.0320.
Cardano price remained above the $0.0800 level and recently climbed above $0.0850. ADA price is showing positive signs, but there are many resistances waiting on the upside, including $0.0900 and $0.0920. The main resistance is near the $0.0950 level, followed by $0.0980.
Looking at the total cryptocurrency market cap hourly chart, there a strong bounce from the $265.0B support area. The market cap started a fresh increase and it recently climbed above the $270.0B and $272.0B resistance levels. It is now trading nicely above a key bullish trend line with current support near $272.0B. On the upside, an immediate resistance is near the $278.0B level, above which the market cap could accelerate towards $280.0B and $285.0B. The overall price action is positive and suggesting more gains in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the coming sessions.
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