Crypto Market And Bitcoin Might Decline Further: BCH, EOS, TRX, ADA Analysis

  • The total crypto market cap is following a bearish pattern below the $230.0B level.
  • Bitcoin price is facing an increase in selling pressure below $8,600 and $8,500.
  • EOS price is currently struggling to stay above the key $3.350 support area.
  • BCH price extended decline and broke the $280 and $265 support levels.
  • Tron (TRX) price is currently trading near the key $0.0185 support area.
  • Cardano (ADA) price is showing positive signs above the $0.0420 support.

Bitcoin and the crypto market cap are currently declining. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA, ripple, and BNB remains at a risk of more downsides.

Bitcoin Cash Price Analysis

Recently, BCH price started a fresh decline after it failed to stay above the $285 support against the US Dollar. The price even broke the $280 support level and recently broke the $265 support. The next major support is near the $250 level, below which the bears may even eye a test of the $200 handle.

On the upside, the previous key support near the $280 level is now likely to act as a strong resistance. A clear close above $280 is needed for upside acceleration.

EOS, Tron (TRX) and ADA Price Analysis

EOS price broke a couple of important supports near the $3.500 level. The price even traded below $3.400 and it is currently struggling to hold the $3.350 support area. The next key support zone is near the $3.200 level. On the upside, the $3.500 level may perhaps prevent a fresh increase in the near term.

Recently, tron price trimmed most its gains from well above the $0.0200 level. TRX price traded below $0.0190 and even spiked below the $0.0185 support. The price is currently consolidating and it is likely to revisit the $0.0190 and $0.0192 resistance levels.

Cardano price declined this past week below the $0.0440 level. However, the $0.0420 area acted as a strong support and prevented more downsides. At the moment, the price is trading with positive signs and trading nicely above the $0.0440 level. The main resistance is near $0.0450, followed by 0.0465.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a downside break below the $230.0B support area. The market cap is currently declining and following a bearish channel with resistance near the $228.0B level. It seems like the market cap could retest the $215.0B or $210.0B support area before a decent recovery.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Crypto Market Cap

Overall, there is a risk of more downsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the coming sessions.

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Source: Newsbtc

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