Crypto Market and Bitcoin Facing Hurdles: Bitcoin, BCH, EOS, TRX, ADA Analysis
The total crypto market cap recovered recently, but struggled to break the $320.0B resistance.
Bitcoin price seems to be struggling to gain momentum above the $11,500 resistance.
EOS price is slowly recovering and it could attempt to clear the $6.000 resistance.
BCH price climbed back above the $400 resistance area, with a few positive signs.
Tron (TRX) price jumped around 10% and is currently trading above $0.0350.
Cardano (ADA) price managed to recover above the $0.0800 resistance area and is up around 4%.
Bitcoin price is facing resistance near $11,500 and the crypto market cap is struggling near $320.0B. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are showing a few positive signs.
Bitcoin Cash Price Analysis
After a slow and steady decline, bitcoin cash price found support near the $390 level against the US Dollar. The BCH/USD pair started a decent upward move and recently climbed above the $400 resistance. The pair is currently trading with a positive bias and it could continue to rise towards the $410 resistance.
The main resistances are near the $420 and $425 levels, above which the pair could accelerate gains towards the $440 level. On the downside, the main support area is near $400 and $390.
EOS, Tron (TRX) and ADA Price Analysis
EOS price remained stable above the $5.800 support area and it recently corrected above the $5.900 level. The price is up more than 2% and it seems like the bulls could make an attempt to surpass the key $6.000 resistance area.
Tron price found a strong support above $0.0300 and recently started a strong rise. TRX price is up around 10% and it broke the $0.0325 and $0.0335 resistance levels. It is now above the $0.0350 resistance and it could continue to rise.
Cardano price broke the $0.0800 support level this past week. However, the decline was contained and recently ADA price climbed back above the $0.0800 level. It is currently up 4% and it could soon test the $0.0820 resistance.
Looking at the total cryptocurrency market cap 4-hours chart, there is a decent support base formed near the $300.0B level. The market cap recently climbed higher and broke the $315.0B resistance. However, it struggled to clear the $320.0B resistance and a major bearish trend line on the same chart. The next key resistance is near the $330.0B level, above which it could test the $340.0B resistance area. On the downside, the main support is near the $300.0B level. Overall, if there is an upside break above the $320.0B resistance level, there could be sharp gains in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins.
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