Analysis Technical

Crypto Market Update: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis

Aayush Jindal | December 17, 2018 | 6:00 am
technical analysis altcoins

Crypto Market Update: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis

Aayush Jindal | December 17, 2018 | 6:00 am

Key Points

  • The total crypto market cap declined below the $100.00B support before buyers appeared near $96.5B.
  • EOS price is currently consolidating below the $2.00 resistance area.
  • Bitcoin cash price is trading above the $80.00 support with a tiny bullish angle.
  • Tron (TRX) is still above the $0.0130 support level.
  • Cardano (ADA) price seems to be preparing for an upside break above $0.0300.

The total crypto market cap declined further below $100.00B before recovering slightly. Bitcoin, Ethereum and altcoins like EOS, Tron (TRX) and Cardano (ADA) remains at a risk of more losses.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled a lot this past week after there was a close below the $100 support. BCH/USD declined heavily and broke the $90 and $85 support levels. The price traded close to the $80 support level and it is currently consolidating losses.

On the upside, the price must break the $85 resistance to start a decent recovery towards the $90 and $95 resistance levels. On the downside, a break below $82 and $80 could trigger heavy declines.

EOS, Tron (TRX) and ADA Price Analysis

EOS price recovered slowly and steadily this past week above the $1.80 resistance. However, the price struggled to gain strength above the $2.00 resistance and it is currently consolidating. A daily close above $2.00 is needed for buyers to gain momentum in the coming days.

Tron price remained confined in a range above the $0.0130 support. It seems like TRX price is preparing for a solid move either above $0.0135 or below the $0.0130 support in the near term.

Cardano price settled below the $0.0300 support this past week, with a bearish angle. However, ADA price is finding solid bids near $0.0290 and it seems like it could jump back above $0.0300 and $0.0310.

Crypto Market Cap Total Bitcoin ETH XRP EOS

Looking at the total cryptocurrency market cap hourly chart, there were further declines below the $102.00B and $100.00B supports. The market cap even broke the $98.00B level and traded towards the $96.50B level. Later, buyers appeared and pushed the cap above the $100.00B level. However, there is a strong bearish trend line with current resistance at $101.00B, which could continue to protect more gains in Bitcoin, Ethereum, litecoin, ripple, and other altcoins in the near term.

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