Crypto Market & Bitcoin Could Extend Losses: BCH, EOS, TRX, ADA Analysis
- The total crypto market cap is currently struggling below the $260.0B resistance area.
- Bitcoin price is declining and is trading just below the $10,000 support area.
- EOS price is correcting gains and it even broke the $3.850 support area.
- BCH price is declining and is approaching the main $300 support area.
- Tron (TRX) price is down more than 5% and it is approaching the $0.0165 support level.
- Cardano (ADA) price failed to stay above the $0.0500 support and declined below $0.0485.
Bitcoin and the crypto market cap are currently declining. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are likely to extend downsides.
Bitcoin Cash Price Analysis
After a decent upward move above $320, BCH price struggled to clear the $330 level against the US Dollar. The price started a fresh decline recently and broke the $320 and $310 levels. The price is currently testing the $305 support and it seems like it could test the $300 support soon.
If there is a downside break, the price could decline towards the $285 support area. On the upside, the $310 level is an initial resistance, above which the price could retest $320.
EOS, Tron (TRX) and ADA Price Analysis
EOS price failed to hold the key $4.050 and $4.000 support levels. The price started a major correction and it recently broke the $3.850 support area. If there are more downsides, the price could test the main $3.650 support area in the coming sessions.
Tron price is trimming the last week’s gains and it failed to stay above the $0.0170 level. TRX price is currently below $0.0168 and it seems like it could extend its decline towards the $0.0165 level. On the upside, the previous support near $0.0170 may perhaps act as a resistance.
Cardano price struggled to break the $0.0520 resistance and started a fresh decline. ADA price broke the $0.0500 support and it is currently trading near $0.0480. If the price continues to decline, it could easily revisit the $0.0450 support area.
Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline from the $265.0B resistance area. The market cap broke the $260.0B support, which is now acting as a resistance. On the downside, there is a major support forming near the $245.0B level. If there is a downside break, the market cap might slide towards the $225.0B support area. On the upside, there are many hurdles near the $258.0B and $260.0B levels. Therefore, there is a risk of an extended decline 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
