Crypto Market and Bitcoin Signaling More Downsides: BCH, EOS, TRX, ADA Analysis

  • The total crypto market cap is down more than $50.0B and it recently tested the $255.0B support.
  • Bitcoin price is down more than 10% and even spiked below the $10,000 support level.
  • EOS price broke the $4.50 support level and traded towards the $4.20 support zone.
  • BCH price is down around 20% and it even traded below the $300 support level.
  • Tron (TRX) price jumped around 10% and is currently trading above $0.0350.
  • Cardano (ADA) price broke the key $0.0700 and $0.0600 support levels.

Bitcoin price declined heavily below $10,500 and the crypto market cap is down around $50.0B. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB declined between 10%-25%.

Bitcoin Cash Price Analysis

After this past week’s downside break, bitcoin cash price started a major decline below the $360 support against the US Dollar. The BCH/USD pair even broke the $320 and $300 support levels to enter a major downtrend. The price is down around 20% and it is currently trading near the $280 level.

If the price continues to move down, it could trade towards the next major support near the $250 level. On the upside, the previous supports near $300 and $320 are likely to act as hurdles in the near term.

EOS, Tron (TRX) and ADA Price Analysis

EOS price was down more than $2.00 in the past few days. The price even broke the $5.000 and $4.500 support levels. It traded towards the $4.200 support level and it is currently correcting higher. On the upside, there is a strong resistance forming near the $4.500 and $4.600 levels.

Tron price is down around 15% and it recently broke the key $0.0320 and $0.0300 support levels TRX price even traded below the $0.0260 support and tested the $0.0240 level. It seems like the price may extend losses towards the $0.0225 support area.

Cardano price is under a lot of pressure and it recently broke the $0.0700 and $0.0600 support levels. ADA price is down 13% and is trading near the $0.0580 level. The next key support is near the $0.0560 level.

Bitcoin Crypto Market Cap Altcoins ETH, XRP, BCH, LTC, EOS, TRX, ADA, BNB

Looking at the total cryptocurrency market cap 4-hours chart, there was a significant downside break below the $315.0B and $300.0B support levels. The market cap declined more than $50.0B recently and moved towards the $255.0B and $250.0B support levels. A swing low was formed near $254.0B and the market cap is currently correcting higher. However, there are many important resistances on the upside near the $275.0B and $280.0B levels. Therefore, an upside recovery in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins is likely to remain capped in the near term.

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Source: Newsbtc