Crypto Market Primed For Gains: Bitcoin Cash, EOS, TRX, ADA Analysis

2019-6-1 15:28

The total crypto market cap tested the key support area near $245.0B and bounced back. Bitcoin price jumped sharply after testing the main $8,000 support area. EOS price is up more than 10% and it broke the $8.00 and $8.20 resistance levels. Bitcoin cash price tested the $420 support level and bounced back above $440. Tron (TRX) price is up more than 12% and it recently broke the $0.0350 resistance. Cardano (ADA) price is currently trading near the $0.0900 and $0.0905 resistance levels.

The crypto market cap, bitcoin (BTC), Ethereum (ETH), EOS, and Tron (TRX) recovered significantly. BCH, ripple, ADA, BNB, and other altcoins are also gaining traction.

Bitcoin Cash Price Analysis

Recently, we saw a sharp downside correction in bitcoin cash price from well above $475 against the US Dollar. The BCH/USD pair traded below the $450 support level. The pair tested the $420 support area, which acted as a strong support.

The pair bounced back and moved above the $430 and $440 levels. The next key resistance is near the $450 level, above which the price could trade above the $465 level.

EOS, Tron (TRX) and ADA Price Analysis

EOS price performed really after it tested the key $7.000 support area. The price recovered significantly and traded above the $7.800 and $8.000 levels. The price is up more than 13% today and it is currently trading above the $8.200 level. The next important resistance for the bulls is near the $8.450 and $8.500 levels.

Tron price also recovered sharply and climbed back above the $0.0340 and $0.0350 resistance levels. TRX price is currently trading with a positive tone above the $0.0350 level and it might continue to rise above the $0.0365 levels. On the downside, the main supports are near the $0.0342 and $0.0340 levels.

Cardano price recovered after testing the $0.0800 support level. ADA price broke the $0.0860 and $0.0880 resistance levels and it is currently trading near the $0.0900 level. The next key resistance is near the $0.0920 level, above which the price could trade towards the $0.0950 level.

Looking at the total cryptocurrency market cap hourly chart, there was a solid downside correction from the $277.4B swing high. The market cap declined more than $30.0B. It even broke the key $255.0B support area and tested the next support at $240.0B level and the 100 SMA. The market remained well bid near the $240.0B level and bounced back sharply above $255.0B. It is currently above $260.0B and facing a couple of important resistances near the $265.0B and $270.0B levels. Overall, there could be more gains in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.

The post Crypto Market Primed For Gains: Bitcoin Cash, EOS, TRX, ADA Analysis appeared first on NewsBTC.

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Источник: newsbtc.com

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