Bitcoin And Crypto Market Nosedives: BCH, EOS, TRX, ADA Analysis
- The total crypto market cap is down more than 10% and it broke the $200.0B support area.
- Bitcoin price declined heavily and traded below the $7,500 support area.
- EOS price is down more than 8% and it traded close to the $2.500 support area.
- BCH price is still holding the main $200 support area, with positive signs.
- Tron (TRX) price is trading just below the $0.0145 support area.
- Cardano (ADA) price spiked below $0.0385 and traded close to the $0.0350 support area.
Bitcoin and the crypto market cap are down heavily below key supports. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are recovering but facing hurdles.
Bitcoin Cash Price Analysis
Recently, BCH price failed to stay above the $225 level against the US Dollar. As a result, there was a fresh decline below the $215 support. The price even spiked below the $205 support, but the price seems to be holding the $200 support area.
The price is currently recovering, but there are many hurdles on the upside near the $215 and $220 levels. On the downside, a close below the $200 support might open the doors for more downsides towards the $185 level.
EOS, Tron (TRX) and ADA Price Analysis
EOS price is down more than 8% today and it even broke the $2.850 support area. The price declined towards the $2.500 support area and formed a low near the $2.550 level. It is currently recovering, but the previous support near $2.800 and $2.850 could act as a strong resistance.
Tron price faced a strong selling interest after it failed to break the $0.0155 resistance. TRX price declined sharply below $0.0150 and $0.0140. A low was formed near $0.0136 and the price is currently recovering. On the upside, the $0.0145 and $0.0148 levels are likely to prevent gains.
Cardano price is settled below the key $0.0400 support area. ADA price tested the $0.0360 support and it seems to be struggling to correct higher. On the upside, there are many hurdles near the $0.0400 and $0.0420 levels.
Crypto Market Cap
Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp bearish reaction from the $218.0B resistance area. The market cap dived more than 10% and even broke the key $200.0B support area. It tested the $190.0B level and is currently correcting higher. However, the previous support near the $200.0B level might act as a strong resistance.
On the downside, the main supports are near $190.0B and $185.0B. Overall, upsides are likely to remain capped in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins.
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Aayush Jindal, Khareem Sudlow
