Analysis Technical

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

Aayush Jindal | February 4, 2019 | 6:00 am
technical analysis altcoins
Analysis

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

Aayush Jindal | February 4, 2019 | 6:00 am
  • The total crypto market cap is struggling to gain pace above the $112.00B resistance.
  • EOS price failed to break the $2.50 resistance recently and declined.
  • Bitcoin cash price just moved below the $120 support level, with a bearish angle.
  • Tron (TRX) price is down more than 2% and it could test the $0.0250 support level.
  • Cardano (ADA) price struggle to clear the $0.0400 resistance and declined below $0.0385.

The crypto market is facing a lot of hurdles, putting pressure on bitcoin (BTC). Moreover, Ethereum (ETH). EOS, BCH, ripple, tron, ADA and other altcoins are currently trading with a bearish tone.

Bitcoin Cash Price Analysis

Bitcoin cash price traded higher this past week and broke the $115 and $118 resistance level against the US Dollar. BCH/USD also moved above the $120 level, but it failed to hold gains. As a result, the price moved below $120 and it seems like it could continue to move down.

An initial support is at $118, below which there is a risk of a drop to $115. On the upside, the main resistances are $120 and $122.

EOS, Tron (TRX) and ADA Price Analysis

EOS price failed to gain momentum above the $2.45 and $2.50 resistance levels. Sellers gained control and pushed the price below the $2.40 support. The next key supports on the downside are at $2.35 and $2.32.

Tron price started a fresh downward move and declined more than 2%. TRX price broke the $0.0265 support and it may continue to move down towards the $0.0250 support level, where buyers are likely to emerge.

Cardano price also followed a bearish path in the past few hours and declined below the $0.0385 support. ADA is currently trading below $0.0380 and it might soon test the $0.0372 support level.

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

Looking at the total cryptocurrency market cap hourly chart, there was a major drop from well above the $112.00B level. The market cap declined below the $110.00B support and a connecting bullish trend line on the same chart. In the short term, there could be bullish moves, but a proper break above $112.00B is needed for a decent upward move. Until then, bitcoin, ETH, XRP, tron, litecoin, EOS, stellar, IOTA and other altcoins could remain under pressure.

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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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