Crypto Market Target Additional Gains: EOS, Bitcoin Cash, TRX, IOTA Analysis
- The total crypto market cap broke the $168.0B resistance and settled above $170.0B.
- EOS price is currently facing a strong resistance near the $4.80 and $4.85 levels.
- Bitcoin cash price is currently correcting recent gains towards the $265 or $260 support.
- Tron (TRX) price failed to move past $0.0245 and declined towards $0.0235.
- IOTA started a downside correction below the $0.3000 support level.
Bitcoin Cash Price Analysis
Bitcoin cash price rallied earlier this week and broke the $265 and $270 resistance levels against the US Dollar. The BCH/USD pair tested the $275-280 zone and it is currently correcting lower. It broke the $270 level and it seems like the price may test the key $265 support level.
Any further losses may push the price towards the $260 support level. On the upside, a follow through above $270 and $272 may perhaps open the doors for a sharp upward move in the near term.
EOS, Tron (TRX) and IOTA Price Analysis
EOS price recently tested the $4.80 and $4.85 resistance level. The price is currently correcting lower and testing the $4.75 level. The main support on the downside is at $4.70, below which there is a risk of a fresh decline towards the $4.55 support level. On the upside, a close above the $4.85 level is must for a test of the $5.00 resistance level.
Tron is still trading in a bearish zone and it recently struggled to gain strength above $0.0242. TRX price declined below the $0.0240 support and it remains at a risk of more losses. An initial support is at $0.0232, below which the price may revisit the $0.0225 level. On the upside, the main hurdles are $0.0242 and $0.0245.
IOTA (MIOTA) started a downside correction after a strong rally. IOTA price recently traded below the $0.3000 support and it is currently down 2.6%. An immediate support is at $0.2950, below which the price may test the $0.2920 level.
Looking at the total cryptocurrency market cap hourly chart, there was a solid upward move above the $168.0B and $170.0B resistance levels. The market cap is currently moving in a range and facing hurdles near the $174.0B and $175.0B levels. A successful close above the $175.0B resistance is likely to push the market cap towards the $180.0B resistance level. On the downside, there is a strong support forming near the $170.0B level and the 100 SMA on the same chart. Therefore, dips remains supported in bitcoin, ETH, TRX, litecoin, EOS, ripple, XLM, XMR and other altcoins in the near term.