- The total crypto market cap declined below $121.0B and later bounced back more than $5.0B.
- Bitcoin cash price tested the $130 support and recovered above the $132 level.
- EOS price is currently up more than 3% and it is trading nicely above the $3.50 support.
- Stellar (XLM) could correct higher and it is could test the $0.0900 resistance area.
- Tron (TRX) remains in a downtrend, but it may recover from the $0.0240 support area.
The crypto market recovered sharply after a strong sell-off. Bitcoin (BTC), BCH, Ethereum, EOS, ripple, stellar (XLM), tron (TRX) and other major altcoins could recover further in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price declined recently after it broke the $140 support level against the US Dollar. The BCH/USD pair broke the $135 support and it even spiked below the $130 support level. Later, it bounced back above $130 and it even corrected above the $132 level.
The price is currently trading nicely above the $132 level, with an immediate resistance near the $135 level. A break above the $135 resistance could trigger more gains towards the $140 level. On the downside, an initial support is at $130, below which it could revisit the $125 support.
EOS, Stellar (XLM) and Tron (TRX) Price Analysis
EOS price corrected more than 50% of its recent gains and traded below the $2.80 support. The price even broke the $3.50 support recently, but it later bounced back. At the moment, the price is trading above the $3.55 level and it may continue to move higher towards the $3.60 and $3.65 resistance levels. The main support on the downside is near the $3.50 level.
Stellar price formed a support base above the $0.0820 level and it recently recovered. XLM price is currently trading above $0.0850 and it seems like it may correct further higher towards the $0.0900 resistance level.
Tron price is following a declining structure and it even broke the $0.0240 support level. TRX recovered and it is currently trading just above $0.0240. However, there are many hurdles on the upside near the $0.0245 and $0.0248 levels.
Looking at the total cryptocurrency market cap hourly chart, there was a failure near the $128.8B level, resulting in a sharp decline. The market cap declined to a new weekly low and broke the $121.0B support. However, the $120.0B level acted as a strong support, resulting in a sharp bounce above the $122.0B and $124.0B levels. At the outset, there is a bearish trend line positioned at $126.0B, above which there could be a recovery towards the $128.8B level. Therefore, there are chances of a short-term rebound in bitcoin, Ethereum, EOS, ripple, LTC, bitcoin cash, XLM, TRX, and other altcoins in the near term.
