Crypto Market Approaching Next Break: BNB, Litecoin, Bitcoin Cash, TRX Analysis
- The total crypto market cap is forming a crucial breakout pattern above the $225.0B support area.
- Binance coin (BNB) price rallied recently and it is currently consolidating above $30.00.
- Litecoin (LTC) price is down around 4% and it recently broke the $90.00 support.
- Bitcoin cash price declined more than 6% and traded below the $400 and $395 supports.
- Tron (TRX) price is under pressure and it could retest the key $0.0265 support area.
The crypto market cap is forming a significant breakout pattern, with negative moves in bitcoin () and (ETH). BNB, litecoin, , bitcoin cash, TRX, XLM and EOS could weaken before fresh rise.
Bitcoin Cash Price Analysis
Bitcoin cash price failed to gain momentum above the $410 and $415 resistance levels against the US Dollar. The BCH/USD pair started a fresh decline and broke the $400 and $395 support levels. The pair is now testing the $390 level and it seems like it could correct higher in the near term.
On the upside, an initial resistance is near the $385 level, above which the price may rebound towards the next major resistance at $405. On the downside, the main supports are $390 and $385.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price gained a strong bullish momentum this week and rallied above the $30.00 and $32.00 levels. BNB price recently corrected lower and it is currently consolidating above the $30.00 level. If there is a downside break, the price could test the $28.00 support.
Litecoin price from well above $100.00 and recently declined below the $95.00 and $90.00 support levels. LTC price is currently under pressure and it seems like it could test the main $84.00 support before a fresh increase in the near term.
Tron price struggled to break the $0.0290 level and recently declined below $0.0285. TRX price is down around 5% and it is trading near $0.0275. The main support on the downside is $0.0265, where the bulls might appear.
Looking at the total cryptocurrency market cap hourly , there were contracting range moves above the $220.0B support level. The market cap struggled to gains momentum above the $240.0B resistance level and recently declined towards $225.0B. More importantly, there is a crucial breakout pattern forming with support at $225.0B and resistance near the $240.0B level. An upside break above the $240.0B barrier could spark a strong upward move in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term. If not, there is a risk of more losses below the $225.0B and $220.0B support levels. The next key support is near the $210.0B area.