Crypto Market Update: Binance Coin (BNB), Bitcoin SV, Tron (TRX), ADA Price Analysis
- The total crypto market cap recovered recently, but it could struggle near the $108.50B resistance.
- Binance coin (BNB) extended gains and traded above the $8.00 resistance.
- Bitcoin SV price gained more than 8% and broke the $60.00 resistance area.
- Tron (TRX) is slowly moving higher towards the $0.0265 resistance level.
- Cardano (ADA) price is currently consolidating above $0.0350 and $0.0360.
Binance coin (BNB) and bitcoin SV performed really well recently. However, the crypto market, bitcoin (BTC), Ethereum (ETH), TRX, ripple, ADA and others might continue to struggle.
Bitcoin SV Price Analysis
After a steady, bitcoin SV found support near the $50 level against the US Dollar. After trading in a range for some time BCHSV/USD started an upside move above the $58 resistance. The price gained traction and rallied more than 8% to settle above the $60 resistance.
It is currently trading above the $62 level and it seems like it could continue to move higher towards the $65 and $70 resistance levels.
Binance coin (BNB), Tron (TRX) and ADA Price Analysis
Binance coin price extended gains after it broke the $6.00 and $6.50 resistance levels. BNB price broke the $7.50 and $8.00 resistance levels as well, opening the doors for a push towards the $9.00 or $10.00 resistance.
Tron price traded within a tight range above the $0.0250 support level. TRX might gain traction and it could climb towards the $0.0265 and $0.0272 resistance levels. The main supports on the downside are $0.0255 and $0.0250.
Cardano price declined in the past few days and settled below the $0.0380 support level. ADA tested the $0.0360 support level and it is currently consolidating losses. On the upside, there are many resistances near $0.0372 and $0.0380.
Looking at the total cryptocurrency market cap hourly chart, there was a sharp decline toward the $106.5B support level. Later, the market cap recovered and corrected above the $107.0B and $107.5B levels. However, there is a strong resistance formed near $108.5B, $109.0B, and a bearish trend line on the same chart. Therefore, upsides are likely to remain capped in bitcoin, Ethereum, ADA, ripple, tron, XLM, litecoin and other altcoins in the short term.
The post Crypto Market Update: Binance Coin (BNB), Bitcoin SV, Tron (TRX), ADA Price Analysis appeared first on NewsBTC.
by Aayush Jindal on February 07, 2019 at 11:30AM