Could Bitcoin Cash (BCH), Binance Coin (BNB) and EOS Help Crypto Market Break Above $130B Resistance?
After a decent recovery at the beginning of 2019, the cryptocurrency market has been struggling to break above the significant $130 billion resistance level. Several minor rallies have been shot down as bears retake the market, keeping Bitcoin (BTC) below $4,000.
After last weeks altcoin rally failed to gain traction, it might be time now for some of the smaller top ten coins to have a go. Bitcoin Cash (BCH), Binance Coin (BNB) and EOS all show potential for propping up the market this weekend.
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Bitcoin Cash spiked above $134 yesterday before retracing and then steadily gaining overnight, retesting $134. Price appears to be consolidating at the moment with potential to make another rally and test the $135 resistance level. If bears return, there is still strong support at $132, a price that will attract new buyers.
EOS is holding strong above $3.50 and recently tested $3.60, a level it looks very likely to break through in the near future. The next real test will be the $3.72 level although EOS is expected to see resistance even sooner at $3.65. A break above $3.72 would be a strong indication of a continuing upward trend. Even without the breakout, strong support at $3.50 puts EOS in a good position currently.
Binance Coin has had a spectacular year, almost tripling in price since January 1st. It’s almost never-ending run has tapered off recently but the coin still represents one of the crypto markets best investments. As the native coin of the worlds largest crypto exchange, it benefits from massive global support. Last week, BNB finally broke above the $15 resistance level which it had been testing frequently but found strong resistance at $15.35. Soon after, it briefly lost $15 support before climbing back up quickly – a strong sign that the bulls are still in control. If it can break $15.35 over this weekend then minor resistance at $16 shouldn’t be too much of a problem.
It’s become clear that the cryptocurrency market is going to need more than a minor altcoin rally to break above $130 billion. However, a combination of growth from these strong coins with some added support from Tron (TRX) and Stellar (XLM) might just be enough to kickstart the beginnings of a decent bull run. On the flip side, many analysts foresee a further crash incoming – with some predicting Bitcoin reaching as low as $2,000. Volatility remains high in this uncertain market and is further fuelled by unexpected developments such as CBOE canceling Bitcoin Futures contracts.