- The total crypto market cap tumbled sharply, but it stayed above the main $156.0B support.
- Bitcoin cash price declined sharply, but recovered above $268 and $270.
- EOS price tested the $4.60 support level and it recently bounced back above $4.70.
- Stellar (XLM) price is under a lot of pressure and it recently broke the $0.1000 support area.
- Tron (TRX) traded close to the $0.0225 support level and it is currently correcting higher.
The crypto market cap declined heavily, with strong bearish moves in bitcoin (BTC) and altcoins. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple and tron (TRX) are recovering and facing key resistances.
Bitcoin Cash Price Analysis
Bitcoin cash price remained under a lot of pressure after it settled below the $295 support area against the US Dollar. The BCH/USD pair broke the $270 support level recently and traded close to the $260 support level. Recently, the price recovered and settled above $270.
An initial resistance on the upside is at $275, above which the bulls could make an attempt to push the price above the $282 resistance. On the downside, the main supports are $265 and $260.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price declined heavily after it broke the key $5.00 support level. The price even broke the $4.80 and $4.70 support levels. It traded close to the $4.60 support level and recently corrected above $4.70. On the upside, there are many resistances near $4.80 and $4.85 levels.
Stellar price started a slow and steady decline below the $0.1050 support level. XLM price even broke the key $0.1020 and $0.1000 support levels. It tested the $0.0975 level and it is currently consolidating losses below $0.1000. On the downside, the main supports are $0.0975 and $0.0962.
Tron price failed to recover above the $0.0250 resistance resumed its decline. TRX price broke the $0.0240 support level and traded close to the $0.0225 level. It is currently correcting higher, but it could face a strong selling interest near the $0.0242 and $0.0250 levels in the near term.
Looking at the total cryptocurrency market cap hourly chart, there was a strong downward move below the $170.0B support level. The market cap declined more than $10 billion and tested the $156.0B support area. There was no downside break below $155.0B and the market cap recently recovered above $162.0B and $164.0B. However, there are many hurdles on the upside near the $167.5B and $168.0B levels. If there is a close above the $168.5B level, there could be a strong recovery in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, WAN, WTC, ICX, and other altcoins in the coming sessions. If not, there could be a fresh drop to $162.0B or $160.0B.
