technical analysis altcoins

Crypto Market & Bitcoin Extended Losses: BCH, EOS, TRX, ADA Analysis

Avatar Aayush Jindal 2 months ago
  • The total crypto market cap extended its decline below the $240.0B support area.
  • Bitcoin price is under a lot of pressure and it even broke the $9,500 support area.
  • EOS price is slowly moving lower towards the $3.100 and $3.000 support levels.
  • BCH price broke the $280 support and it seems to be moving lower towards the $270 level.
  • Tron (TRX) price is still holding the key $0.0150 support area and is consolidating losses.
  • Cardano (ADA) price is facing an uphill task and it may decline further to $0.0420.

Bitcoin and the crypto market cap are eyeing further downsides. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are trading in a major downtrend.

Bitcoin Cash Price Analysis

Recently, there was a major downside break below the $300 support level in BCH price against the US Dollar. The price even broke the $280 support level recently to move further into a bearish zone. The next key support is near the $270 level, below which the price could extend its decline towards the $265 level.

If there is an upside correction, the $280 and $285 levels are initial hurdles. However, the main resistance for the bulls on the upside is near the $300 level.

EOS, Tron (TRX) and ADA Price Analysis

EOS price declined sharply after it broke the $3.350 support level. The price even broke the $3.100 level recently and traded close to the $3.000 level. At the moment, the price is consolidating near $3.200 and it might decline again towards the $3.100 and $3.000 levels.

Tron price is stable above the $0.0150 support level and it is currently consolidating losses. An immediate resistance on the upside is near the $0.0160 level, where TRX price could face a strong selling interest. The next key resistance is near the $0.0165 level.

Cardano price settled below the $0.0520 and $0.0500 support levels. ADA price even broke the $0.0450 support and tested $0.0430. The price is currently correcting higher, but it might struggle to break the $0.0500 and $0.0520 resistance levels in the coming sessions.

Bitcoin Crypto Market Cap ETH XRP BCH LTC EOS TRX ADA BNB

Looking at the total cryptocurrency market cap 4-hours chart, there was a slow and steady decline below the $250.0B support level. The market cap even broke the $240.0B support and tested the $234.0B level. It is currently consolidating losses and it seems like there could be more downsides below the $232.0B and $230.0B levels. The next major support on the downside is near the $220.0B level. On the upside, there are many hurdles near $245.0B and $250.0B. Overall, there are chances of more downsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.

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