- The total crypto market cap faced a strong resistance near $130.0B and declined.
- Bitcoin cash price failed to break the $134 resistance and declined towards $130.
- EOS price is currently correcting lower and it may test the $2.65 support level.
- Stellar (XLM) price failed to move above the $0.0900 resistance and declined.
- Tron (TRX) is declining towards the $0.0225 and $0.0220 support levels.
The crypto market is facing a strong resistance and upsides are capped in bitcoin (BTC) and Ethereum (ETH). It seems like BCH, EOS, ripple, stellar (XLM) and tron (TRX) could correct lower.
Bitcoin Cash Price Analysis
Bitcoin cash price faced a strong resistance near the $134 level against the US Dollar. The BCH/USD pair started a downside move and broke the $132 support level. The decline was such that the price tested the $130 support. If sellers push the price below $130, there could be additional losses towards the $126 and $125 support levels.
On the upside, an initial resistance is near the $132 level, above which the price could retest the $134 resistance. To climb further higher, there must be a daily close above the $134 and $135 resistances.
EOS, Stellar (XLM) and Tron (TRX) Price Analysis
EOS price faced a solid barrier near the $4.00 level after a strong rally from the $3.20 support. The price started a downside correction and broke the $3.85 and $3.80 support levels. It is now trading below the $3.75 support and it seems like it could head towards the key $3.65 support level, where buyers are likely to emerge.
Stellar price remained in a bearish zone, despite the recent recovery above $0.0820. XLM price failed to settle above the $0.0900 resistance and it recently declined below $0.0880. The current price action suggests that the price may continue to decline towards the $0.0840 and $0.0820 support levels.
Tron price faced a strong resistance near the $0.0240 level, which was support earlier. TRX declined again and it broke the $0.0235 support. It may continue to move down if sellers push the price below the $0.0230 support area.
Looking at the total cryptocurrency market cap hourly chart, there was a rejection pattern formed near the $130.0B level. The market cap corrected lower and tested the $127.5B and $128.0B support levels. It seems like there is an ascending channel in place with support near the $128.0B level. If there is a downside break, the market cap could decline further towards the $126.0B and $125.0B support levels. On the other hand, a break above $130.0B resistance will most likely push bitcoin, Ethereum, EOS, ripple, LTC, bitcoin cash, XLM, TRX, and other altcoins further higher in the near term.
