Crypto Market and Bitcoin Near Crucial Juncture: BCH, EOS, TRX, ADA Analysis
- The total crypto market cap is testing a strong resistance near the $292.0B level.
- Bitcoin price is facing a couple of important hurdles near the $11,500 level.
- EOS price is moving lower and is about to test the key $4.000 support area.
- BCH price is struggling to hold gains and it could revisit the $320 support area.
- Tron (TRX) price is currently consolidating above the main $0.0200 support area.
- Cardano (ADA) price is under pressure and is approaching the $0.0500 support level.
Bitcoin price and the crypto market cap are trading near important resistances. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB could decline in the near term.
Bitcoin Cash Price Analysis
Yesterday, we saw an upward move in bitcoin cash price above the $325 and $330 resistance levels against the US Dollar. The BCH/USD pair retested the $340 resistance level, where the bulls struggled. As a result, there was a fresh decline and the price is now trading near the $330 level.
It seems like the price could continue to decline towards the $320 support level. Any further losses might push the price back towards the $305 area in the short term.
EOS, Tron (TRX) and ADA Price Analysis
EOS price is trading in a downtrend below the key $4.400 and $4.500 resistance levels. The price is now approaching the $4.000 support area, below which there is a risk of more losses towards the $3.800 support area. On the upside, an immediate resistance for a decent recovery is near the $4.200 level.
Tron price is in a declining phase and it is currently consolidating above the $0.0200 support. TRX price could continue to move down and trade below the $0.0200 and $0.0195 support levels. On the upside, there are many resistances near the $0.0210 and $0.0215 levels.
Cardano price is moving down and is about to test the main $0.0500 support area. ADA price remains at a risk of more downside if there is a clear break below the $0.0500 support level. On the upside, an initial resistance is near the $0.0535 level, followed by the $0.0550 pivot level.
Looking at the total cryptocurrency market cap 4-hours chart, there was a downside correction initiated from the $315.0B swing high. The market cap declined below the $290.0B support and tested the $285.0B support. It seems like there is a major declining channel forming with current resistance near $292.0B. If there is a successful break above $292.0B and $295.0B, the crypto market could start a decent upward move. If not, there could be more downsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.
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Aayush Jindal, Khareem Sudlow