Bitcoin, Crypto Market Cap Holding Crucial Support: BCH, BNB, LTC, TRX Analysis
- The total crypto market cap surged towards $380.0B before correcting towards the $325.0B support.
- Bitcoin price rallied towards the $14,000 level before it corrected sharply towards the $12,000 support.
- Binance coin (BNB) price corrected lower and tested the key $35.00 support area.
- Litecoin (LTC) price is holding the main $130.00 support area.
- Bitcoin cash price failed to stay above the $500 level and it recently corrected towards $480.
- Tron (TRX) price is down more than 5% and it is currently trading near the $0.0360 support.
Bitcoin Cash Price Analysis
There were sharp gains in bitcoin cash price above the $480 and $500 levels against the US Dollar. The BCH/USD pair even spiked above the $510 level, but it failed to continue higher. As a result, there was a downside correction below the $500 and $490 support levels.
The price is now trading above the $480 support and it seems like it could recover towards the $495 or $500 resistance level in the near term. Conversely, if there is a downside break below $480, the price is likely to retest the main $460 support level.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price failed to push above the $40.00 resistance and it recently declined below the $38.00 and $37.20 support levels. BNB price is now trading just above the $35.00 support, with a few positive signs.
Litecoin price is still struggling to clear the $140.00 and $142.00 resistance levels. LTC price declined below the $134.00 support and it recently tested the $130.00 support. If there are more losses, the price may even slide towards the $125.00 support area.
Tron price made a nice attempt to climb above the $0.0390 and $0.0395 resistance levels, but it failed. TRX price is down around 5% and it broke the $0.0375 and $0.0370 support levels. The next key support is near the $0.0360 level. On the upside, the main resistance is now at $0.0375.
Looking at the total cryptocurrency market cap hourly chart, there was a strong rise above the $325.0B resistance level. The market cap gained more than $50.0B and surged towards the $380.0B level. A swing high was formed near $380.7B before there was a sharp downside correction. It broke the key $350.0B support level and revisited the last major hurdle at $325.0B, which now acted as a support. The market cap recovered and it seems like there could be a fresh increase in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.