- The total crypto market cap is correcting higher towards the key $265.0B resistance area.
- Bitcoin price corrected more than 2%, but it facing hurdles near $9,700 and $9,800.
- Binance coin (BNB) price is correcting higher towards the $28.00 and $28.50 resistance levels.
- Litecoin (LTC) price is likely to face a strong resistance near the $95.00 level.
- BCH price gained more than 5% and it broke the main $320 resistance area.
- Tron (TRX) price stayed above the $0.0210 support and recently corrected above the $0.0220 level.
The crypto market cap and bitcoin (BTC) are currently approaching key resistances. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS might struggle to continue higher.
Bitcoin Cash Price Analysis
After a successful close above the $300 pivot level, BCH price started a decent upward move against the US Dollar. The BCH/USD pair broke the key $315 and $320 resistance levels to move into a positive zone. It is now up more than 5% and is trading above the $325 level.
If it continues to rise, the next major resistance is near the $340 level. Conversely, if there is a downside correction, the previous resistances near $320 and $315 are likely to provide supports in the near term.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price stayed above the $25.00 and $25.20 support levels. BNB price is currently correcting higher above the $27.00 resistance level. On the upside, the main resistances are $28.00 and $28.50, where the bulls are likely to face a strong resistance.
Litecoin price found support near the $88.00 level and recently corrected above the $90.00 level. LTC price is now approaching the $92.00 resistance, above which the price could test the main $95.00 resistance area.
Tron price declined heavily and even traded close to the $0.0210 support area. TRX price is currently correcting higher and is trading above the $0.0220 level. On the upside, the bulls might struggle to surpass the $0.0230 and $0.0232 resistance levels in the near term.
Looking at the total cryptocurrency market cap 4-hours chart, there was a decent support base formed near the $248.0B level. The market cap is currently correcting higher towards the key $265.0B and $270.0B resistance levels. There is also a major bearish trend line forming near the $265.0B level and the 100 SMA. A successful close above the $270.0B level and the 100 SMA is needed for more gains. If the market cap fails to break the $270.0B resistance, there could be a fresh bearish wave in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the coming sessions.
