Crypto Market Facing Uphill Task: EOS, Bitcoin Cash, TRX, ADA Price Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap found support near $121.0B and later recovered above $124.0B.
EOS price corrected lower sharply and traded below the $3.80 and $3.60 support levels.
Bitcoin cash price is currently trading nicely above the $132 and $130 supports.
Tron (TRX) price is under pressure below the $0.0250 and $0.0248 resistance levels.
Cardano (ADA) price is currently holding the $0.0420 support area, with a positive angle.

The crypto market recovery is facing a lot of hurdles on the upsides. Gains in bitcoin (BTC), Ethereum (ETH), EOS, BCH, ripple, tron (TRX), ADA and other altcoins are likely to face resistance.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to stay above the $145 and $140 support levels against the US Dollar. The BCH/USD pair declined sharply and broke key supports near the $140 and $138 levels. However, the $130-132 zone acted as a support and later the price corrected higher.

It is currently up around 3.5% and it could retest the $140 resistance level. If there is an upside break above the $140 resistance, the price may perhaps revisit the $145 level. On the downside, the key supports are near $135 and $132.

EOS, Tron (TRX) and ADA Price Analysis

EOS price trimmed most of the last week’s gains from well above the $4.00 level. The price traded below the $3.85 and $3.80 support levels to start a bearish wave. The price even broke the $3.60 support level. At the moment, the price is trading above the $3.50 support and it seems like it could correct higher towards the $3.65 and $3.70 resistance levels.

Tron price remained in a bearish zone below the $0.0250 resistance level. There were mostly bearish moves in TRX and the price declined below the $0.0250 and $0.0248 support levels. It must stay above the $0.0240 level to avoid further losses in the near term.

Cardano price declined recently, but the $0.0400 support area acted as a barrier for buyers. ADA price is currently trading above the $0.0420 level and it seems like the price may rise towards the $0.0450 level in the coming sessions.

Looking at the total cryptocurrency market cap hourly chart, there was a sharp decline from well above the $138.0B level. The market cap broke the key $128.0B support to enter a bearish zone. It traded towards the $120.0B support level and later started an upside correction. However, there are many resistances on the upside near the $128.0B and $130.0B level. The main supports are at $124.0B and $122.0B. Therefore, if bitcoin, ETH, XRP, tron, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins correct higher, they are likely to face a lot of hurdles.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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