Crypto Market Gains Traction: EOS, Tron (TRX), Bitcoin Cash, ADA Price Analysis
- The total crypto market cap found support near $112.00B and recovered above $120.00B.
- EOS price is up more than 8% and it may extend gains above the $2.50 resistance.
- Bitcoin cash price is back above the $130 level and it could test the $135 and $138 resistances.
- Tron (TRX) price rallied close to 10% and cleared the $0.0250 resistance.
- Cardano (ADA) price found support above $0.0400 and recovered above $0.0430.
EOS and Tron (TRX) are gaining bullish momentum as the crypto market recovers nicely. Bitcoin, BCH, Ethereum, and altcoins like XLM and Cardano (ADA) may extend gains.
Bitcoin Cash Price Analysis
Bitcoin cash price found support near the $120 level and later started a decent recovery against the US Dollar. BCH/USD gained around 5% and broke the $130 resistance level. It seems like the price may continue to grind higher and it could test the $135 and $138 resistances.
If there is a downside correction, the $130 and $128 levels may act as supports, below which the price may move back in a bearish zone.
EOS, Tron (TRX) and ADA Price Analysis
EOS price surged more than 7% recently and broke the $2.35 and $2.40 resistances. The current price action is positive and it seems like the price may extend gains above the $2.50 resistance.
Tron once again gained bullish momentum and rallied close to 10%. TRX price cleared the $0.0240 and $0.0250 resistance levels to move back in a positive zone. On the upside, the next resistances are at $0.0265 and $0.0280.
Cardano price found support near the $0.0400 level and it recently recovered nearly 6%. ADA price is currently trading above the $0.0425 resistance, with a bullish angle. If buyers break $0.0440, the price may climb above $0.0450 and $0.0460.
Looking at the total cryptocurrency market cap hourly chart, the $112.00B level acted as a strong support and produced a sharp upward move. The market cap broke the $118.00B resistance and a bearish trend line. At the outset, the cap is consolidating near $120.00B, and a break above $122.00B might open the doors for a push towards $125.00B and $127.5B. Therefore, there are chances of more upsides in BTC, ETH, tron, litecoin, EOS, ripple, NEO, XLM and other altcoins in the near term.
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by Aayush Jindal on January 15, 2019 at 11:30AM