technical analysis altcoins

Bitcoin And Crypto Market Extending Decline: BCH, EOS, TRX, ADA Analysis

Avatar Aayush Jindal 2 months ago
  • The total crypto market cap is below $210.0B and is likely to extend its decline.
  • Bitcoin price is trading below $8,000 and it is moving with a bearish angle.
  • EOS price is down more than 2% and is approaching the $2.700 and $2.650 support levels.
  • BCH price is facing resistance near the $225 level and it could revisit the $200 support area
  • Tron (TRX) price is approaching the $0.0130 level and it might continue to decline.
  • Cardano (ADA) price is down 5% and it recently broke the key $0.0385 support area.

Bitcoin and the crypto market cap are currently extending their decline. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are trading in a bearish zone.

Bitcoin Cash Price Analysis

After a strong decline, BCH price found support near the $200 level against the US Dollar. The price started an upside correction and traded above the $210 level. However, the price struggled to break the $225 resistance level and it is currently trading with a bearish bias.

It seems like the price might once again break the $210 support. If there is a downside break, the price could even break the key $200 support area in the near term.

EOS, Tron (TRX) and ADA Price Analysis

EOS price declined heavily and settled below the $3.000 support area. The price is currently trading below the $2.850 support area and it might soon test the $2.700 or $2.650 support. The main support on the downside is near the $2.500 level. On the upside, a close above $3.000 is needed for a decent recovery.

Tron price is trading in a strong downtrend below the $0.0150 level. TRX price even broke the $0.0140 support and it is currently approaching the $0.0130 level. If there are more downsides, the price could test the $0.0120 level in the coming sessions.

Cardano price is down more than 25% in the past few days and it is now trading well below the $0.0500 level. ADA price broke the $0.0400 support and it is now approaching the $0.0350 support. On the upside, the previous support near $0.0400 may perhaps act as a resistance area.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Looking at the total cryptocurrency market cap 4-hours chart, there are many bearish signs visible below the $210.0B and $220.0B resistance levels. Therefore, there are high chances of a downside break below the $200.0B and $195.0B support levels. The next key support on the downside is near the $180.0B level. Overall, there are many signs, suggesting 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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