Crypto Market Tumbles $30 Billion: Bitcoin Cash, BNB, EOS, TRX Price Analysis

• The total crypto market cap jumped to a new monthly high at $276.0B before a strong decline.
• Bitcoin price declined sharply below the $8,600 and $8,400 support levels.
• EOS price is down around 8% and it recently broke the $7.800 and $7.500 support levels.
• Binance Coin (BNB) traded below the $33.20 support level and it could test $31.50.
• Bitcoin cash price is down 10% and it recently broke the $450 and $440 support levels.
• Tron (TRX) price trimmed most gains and it is currently trading below the $0.0325 support.

The crypto market cap declined sharply below $255.0B, with nasty declines in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, tron (TRX), ripple, litecoin and EOS are currently under pressure.

Bitcoin Cash Price Analysis

After a strong upward move above the $450 and $460 levels, bitcoin cash price topped near the $480 level against the US Dollar. The BCH/USD pair started a strong decline and broke the $450 support level to enter a bearish zone. The pair even broke the $440 support level and registered 10% losses.

An immediate support is near the $420 level, below which the price might test the $405 or $400 support levels. On the upside, the previous supports near $450 are likely to act as a barrier for the bulls.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price failed to stay above the $8.00 support level and declined sharply below the $7.80 support level. The price even broke the $7.50 support level and it is currently down around 8%. An immediate support is near the $7.30 level, followed by the $7.20 level.

Tron price trimmed most of its gains and declined below the $0.0350 support level. TRX price is down around 10% and it is now trading below the $0.0320 support level. The next key support on the downside is near the $0.0300 level.

Binance coin (BNB) is failed to stay above the $34.00 support level and recently declined nearly 7%. BNB price traded below the $33.20 support level and it could continue to move down towards the $31.50 or $31.20 support levels.

Looking at the total cryptocurrency market cap 4-hours chart, there was another increase to a new monthly high at $276.1B. However, the market cap struggled to remain in a positive zone and declined sharply below $265.0B and $255.0B. There was a break below the key $250.0B support and a bullish trend line. The recent decline was protected by the 100 SMA, but there is a risk of more losses in the near term. Therefore, upsides are likely to remain capped and there could be more losses in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX.

The post Crypto Market Tumbles $30 Billion: Bitcoin Cash, BNB, EOS, TRX Price Analysis appeared first on NewsBTC.

by Aayush Jindal on May 31, 2019 at 10:30AM