Crypto Market And Bitcoin Bearish Continuation: BCH, EOS, TRX, ADA Analysis

Aayush Jindal

1 year ago

2 mins read

Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

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The total crypto market cap is currently declining and it could test $220.0B support.
Bitcoin price is under pressure and it is likely to break the $8,500 support area.
EOS price is now trading near the $3.350 support area and showing bearish signs.
BCH price failed to stay above the key $280 support and extended its decline.
Tron (TRX) price is down more than 4% and it is approaching the $0.0185 support area.
Cardano (ADA) price is now trading near the key $0.0420 support area.

Bitcoin and the crypto market cap are currently signaling more downsides. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are under a lot of selling pressure.

Bitcoin Cash Price Analysis

Recently, BCH price started a fresh decrease from the $300 resistance level against the US Dollar. It declined below the $285 support and the bulls even failed to defend the key $280 support area. As a result, the price declined sharply and it is now approaching the $265 and $264 support levels.

On the upside, the previous important supports near the $285 and $280 level may now act as a hurdle and prevent a fresh increase in the near term.

EOS, Tron (TRX) and ADA Price Analysis

EOS price failed to stay above the $3.500 support area and it declined below the $3.400 support. The price is now trading near the $3.350 support area. If there are more downsides, the next stop for the bears might be near the $3.250 level. On the upside, the $3.500 level is likely to act as a strong resistance.

Recently, tron price climbed above the $0.0200 resistance area. However, TRX failed to gain strength above the $0.0205 resistance and started a fresh decline. It broke the $0.0200 and $0.0195 levels. It seems like the bears are once again eye the $0.0185 support area.

Cardano price failed to continue above the $0.0445 and $0.0450 resistance levels. ADA price is currently declining and it is now trading near the $0.0420 support area. If there are more downsides, the next stop could be $0.0400, where the bulls are likely to appear.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline from the $235.0B and $240.0B resistance levels. The market cap declined below the $230.0B level and it seems like there is a risk of another break down towards the $220.0B support area. On the upsides, the $230.0B level is an initial resistance, above which it could test the $240.0B resistance.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC — Crypto Market Cap

Overall, there is a risk of more losses in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.

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.
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.

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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.