Analysis Technical

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

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

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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