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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Crypto Market In Corrective Decrease: EOS, Bitcoin Cash, TRX, ADA Price Analysis

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

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  • The total crypto market cap recently broke the key $170.0B support area.
  • EOS price declined sharply and broke the $5.40 and $5.25 support levels.
  • Bitcoin cash price declined around 4% and broke the $295 and $290 support levels.
  • Tron (TRX) price failed to gain traction and cleared the $0.0252 support zone.
  • Cardano (ADA) price is under pressure and it could decline towards the $0.0700 support.

The crypto market is in a corrective decrease, with losses in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron (TRX), ADA, BNB, and other altcoins might extend losses before a fresh rebound.

Bitcoin Cash Price Analysis

There were multiple rejections near the $305 level in bitcoin cash price against the US Dollar. As a result, the BCH/USD pair started a fresh decline and broke the $300 and $295 support levels. The pair even broke the $290 level and it may continue to move down towards the $285 support level.

On the upside, the previous support at $295 could act as a strong resistance. The main resistance is at $300, above which the price might climb higher towards the $315 level.

EOS, Tron (TRX) and ADA Price Analysis

EOS price declined more than 5% and broke the $5.40 and $5.25 support levels. The price even broke the $5.20 level and it may continue to move down towards the $5.05 support level. On the upside, the price must settle above $5.25 to move back in a positive zone.

Tron price recently declined below the $0.0265 and $0.0262 support levels. TRX price is currently below $0.0250 and it remains at a risk of more losses towards the $0.0240 level. On the upside, the previous support at $0.0262 is likely to act as a resistance if there is a fresh recovery.

Cardano price broke the key $0.0800 support level to move into a bearish zone. ADA price even cleared the $0.0750 support level and it is currently trading near the $0.0735 level. It could extend losses towards the $0.0720 or $0.0710 level before a fresh increase.

Crypto Market Cap Bitcoin Cash BCH Tron TRX EOS BTC ADA

Looking at the total cryptocurrency market cap hourly chart, there was a slow and steady decline below the $172.0B support level. The market broke the key support at $170.0B and a connecting bullish trend line on the same chart. Therefore, there are chances of more downsides towards the $164.0B or $163.0B level before a fresh upward move. If there is a downside extension, the market cap might even test the $160.0B support level in the near term. Overall, there could be swing moves in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins before the bulls take a stand and push the market higher.

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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.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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