Crypto Market Hits $200 Billion, Bitcoin Rallies To $7K: BCH, LTC, EOS, ADA Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap surged higher and tested the $200B resistance level.
Bitcoin price gained traction above $6,500 and traded close to the $7,000 level.
Litecoin (LTC) price is up 15% and it recently broke the $85.00 resistance
Bitcoin cash price gained more than 12% and surged above the $300 and $310 levels.
EOS price is also up more than 10% and recently cleared the $5.20 resistance area.
Cardano (ADA) price rallied 12% and it recently broke the $0.0700 resistance level.

The crypto market cap rallied to the $200 billion level, while bitcoin (BTC) climbed towards $7,000. Altcoins also started an upward move, with gains in Ethereum (ETH), litecoin, ripple, EOS, tron (TRX), and ADA.

Bitcoin Cash Price Analysis

There was a strong upward move in bitcoin cash price above the $295 resistance level against the US Dollar. The BCH/USD pair climbed more than 10% and broke the $300, $310 and $315 resistance levels. The price is currently trading above the $320 level and it may continue to rise towards the $330 or $340 level.

Besides, if there is a downside correction, the recent hurdle near the $310 and $300 levels could act as a strong support for the bulls in the near term.

Litecoin (LTC), EOS and Stellar (XLM) Price Analysis

Litecoin price rallied more than 15% and it recently cleared the $80.00 and $85.00 resistance levels. LTC price is gaining momentum and it seems like it could test the $88.00 or $90.00 level in the near term.

EOS price also followed other major altcoins and gained more than 10%. The price surpassed the main $5.05 resistance level and recently climbed above the $5.20 level. The next key resistance is at $5.35, above which the price could test the $5.50 resistance level.

Cardano price finally started a strong upward move above the $0.0680 and $0.0685 resistance levels. ADA price is up around 12% and it recently cleared the $0.0700 and $0.07100 resistance levels. If the bulls remain in action, the price may rise towards the $0.0730 level.

Looking at the total cryptocurrency market cap hourly chart, there was a steady rise above the $180.0B and $185.0B resistance levels. The market cap gained more than $10 billion and broke a major bullish pattern. It surged towards the $200.00 billion market cap and it is currently correcting lower. On the downside, there are many supports near the $195.0B and $192.0B levels. On the upside, a clear break above the $200.0B resistance may open the doors for more gains towards the $205.0B and $208.0B levels. Therefore, dips remain supported in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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