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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Crypto Market Remains At Risk: EOS, Bitcoin Cash, TRX, ADA Price Analysis

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis altcoins

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Created by industry experts and meticulously reviewed
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  • The total crypto market cap is following a declining structure below the $128.0B resistance level.
  • EOS price broke the key $3.55 and $3.50 support levels to move into a bearish zone.
  • Bitcoin cash price traded below the $130 support and it could now test the $125 level.
  • Tron (TRX) price extended losses below $0.0240 and it is now approaching the $0.0220 support.
  • Cardano (ADA) price is currently sliding towards the key $0.0400 support level.

The crypto market recovery remains at a risk of more losses. Bitcoin (BTC), Ethereum (ETH), EOS, BCH, ripple, tron (TRX), ADA and other altcoins could continue to weaken in the near term.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price struggled to break the $135 resistance level and later declined against the US Dollar. The BCH/USD pair broke the $132 and $130 support levels to move into a bearish zone. The current price action is negative and it suggests that the price may decline further towards the $125 support level.

On the upside, the main resistance is at $132, above which the price could recover towards the $135 resistance level. The risk remains to the downside as long as the price is below the $132 level.

EOS, Tron (TRX) and ADA Price Analysis

EOS price declined heavily from well above the $4.00 support. It broke the $3.80 and $3.65 support levels to trim most its gains. Recently, sellers pushed the price below the key $3.55 and $3.50 support levels. The price is now under pressure and it may continue to decline towards the $3.40 or $3.35 support zone.

Tron price traded below the $0.0250 support level to enter a bearish zone. TRX recently declined below $0.0240 and it seems like sellers are aiming for the $0.0220 support level. On the upside, an initial resistance is at $0.0235, followed by the $0.0240 level.

Cardano price remained in a downtrend and it recently broke the $0.0440 and $0.0420 support levels. ADA is about to test the $0.0400 support level, below which there is a risk of a sharp drop. On the upside, there are many hurdles near the $0.0420, $0.0425 and $0.0440 levels.

Crypto Market Cap Bitcoin Cash BCH EOS TRX ADA

Looking at the total cryptocurrency market cap hourly chart, there were many failures near the $128.0B resistance level, resulting in a sharp decline. The market cap recently broke the $125.0B and $124.0B supports to set the pace for more losses. It is currently following a declining channel with resistance at $125.0B on the same chart. The technical structure suggests that the crypto market cap is under pressure and it could slide towards the $122.0B and $120.0B support levels in the near term. Therefore, there could be more losses in bitcoin, ETH, XRP, tron, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins.

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Aayush Jindal
Aayush Jindal

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.

Read more

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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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