Analysis Technical

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

Aayush Jindal | January 24, 2019 | 6:00 am
technical analysis altcoins

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

Aayush Jindal | January 24, 2019 | 6:00 am
  • The total crypto market cap tested the $117.50B resistance and later corrected lower.
  • EOS price is currently correcting lower and it may test the $2.40 support level.
  • Bitcoin cash price tested the $130 resistance and it is currently moving lower towards $126.
  • Tron (TRX) price remains in an uptrend and it could accelerate towards the $0.0300 level.
  • Cardano (ADA) price settled above $0.0420 and it is currently consolidating in a tight range.

The crypto market started a downside correction after yesterday’s recovery. Bitcoin (BTC), EOS, Ethereum, BCH, ripple, ADA and altcoins are approaching key supports where buyers could emerge.

Bitcoin Cash Price Analysis

Bitcoin cash price made a nice upward move above $126 and $128 against the US Dollar. BCH/USD even broke the $130 resistance level, but it failed to gain strength above the $132 resistance. Later, there was a downside correction and the price dipped below $130.

An initial support is at $128, below which there is a risk of an extended decline to $126 or $125. On the upside, buyers need to clear the $130 and $132 hurdles for more gains.

EOS, Tron (TRX) and ADA Price Analysis

EOS price traded towards the $2.50 resistance recently, where sellers emerged. The price is currently correcting lower below $2.45 and it may continue to decline towards the $2.40 or $2.35 support levels.

Tron price remained in the bullish zone above the $0.0250 and $0.0260 support levels. TRX is currently consolidating and it may soon make another attempt to surpass the $0.0280 and $0.0300 resistances.

Cardano price settled above the $0.0420 support level. However, ADA is struggling to surpass the $0.0440 and $0.0450 resistance levels, above which the price could rally towards the $0.0500 level.

Crypto Market Cap, bitcoin, ETH, XRP, tron, litecoin, EOS, stellar, IOTA

Looking at the total cryptocurrency market cap hourly chart, there was a failure near the $117.00B and $117.50B resistance levels. The market cap started a downside correction and traded below $115.00B. However, it seems like there are many supports on the downside near the $114.00B and $112.50B levels. Therefore, dips in bitcoin, ETH, XRP, tron, litecoin, EOS, stellar, IOTA and other altcoins remain supported in the near term.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.


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