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Cryptocurrency Market has landed in Troubled Waters

The total crypto market cap is currently recovering. However, near $220.0B is the resistance area.

Bitcoin and the crypto market cap are rebounding, but facing hurdles. On the contrary, Ethereum (ETH), EOS, Tron (TRX), BCH, Ripple, ADA, and BNB are showing positive signs.

Bitcoin Cash Price Analysis

With a vast support base above the $205 level, the BCH price corrected above the $220 level against the US Dollar. Even $225 and $230 levels were surpassed by the price and now it is testing the $240 resistance area, which is acting as a strong barrier for more upsides.

The price could test the $230 level if there is a case of a downside correction. Near the $220 level is the main support on the downside, below which the price could test the $205 support.

EOS, Tron (TRX) and ADA Price Analysis

Above the $2.850 support area EOS price remained in a positive zone. It broke the key $3.000 resistance and recently gained bullish momentum above the $3.100 level. The price is now testing the $3.200 resistance area. Also, it might correct a few points in the near term.

Above the $0.0150 resistance area, Tron price started a strong rise. TRX price recently surpassed the $0.0160 resistance area and it gained more than 10%. The price tested the $0.0165 resistance area and it is currently consolidating gains. The main supports on the downside are near the $0.0160 level.

Cardano price started with a slow recovery. However, it recently climbed above the $0.0400 resistance. The ADA price is now trading near $0.0420. Moreover, it is facing a strong resistance near the $0.0450 level. The price could test the key $0.0500 resistance area if in case there are more gains .$0.0400 and $0.0395 are the main support in the downside case.

ETH Price Analysis

ETH price recently broke the $175 and $180 resistances against the US Dollar and it is climbing higher, $185 and $186 are the resistance areas where the price is currently trading. With resistance near $175 on the hourly chart of ETH/USD, there was a break above a key bearing trend line.

The pair might correct a few points lower, but it is likely to climb higher towards $190 or $192.

On observing the cryptocurrency market cap 4-hours chart, there was a steady recovery from the $200.0B support area. The market cap climbed above the $208.0B resistance and a connecting bearish trend line on the same chart. However, it near the $220.0B level and the 100 SMA, it is now facing strong resistance. In case of an upside break above the $220.0B resistance, there could be more gains for bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.

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About Shreya Kapoor

20 y/o budding journalist, with a tinge of good vocabulary.

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