Crypto Market Dives $40 Billion In Nov, More Losses Likely: BNB, BCH, LTC, EOS Analysis

Aayush Jindal

5 years 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 down close to $40.0B this month and remains bearish.
Bitcoin price is down around 3% today and it is now approaching the $8,000 support.
Litecoin (LTC) price is down around 5% and it broke the $60.00 support area.
BCH price is currently accelerating its decline below the $260 and $250 levels.
EOS price is down more than 6% and it is now trading near the $3.200 support area.
Binance coin (BNB) broke the key $20.00 support area to enter a bearish zone.

Bitcoin (BTC) and the crypto market cap are down sharply. Many altcoins such as Ethereum (ETH), binance coin (BNB), ripple, litecoin, BCH, EOS, TRX, and ADA are accelerating losses.

Bitcoin Cash Price Analysis

This week, there were sharp losses in BCH price below the $280 support level against the US Dollar. The bears gained momentum, resulting in heavy losses below the $270 and $265 levels. The price is now trading below the $250 level and it seems like it could continue to move down towards the $240 support.

If there is an upside correction, the $255 and $260 levels are likely to act as hurdles. The main resistance on the upside is now near the $280 level.

Binance Coin (BNB), Litecoin (LTC) and EOS Price Analysis

Binance coin (BNB) price failed to climb above the $21.00 resistance area. As a result, there was a sharp decline in BNB price below the $20.00 support area. The price is now trading well below the $19.50 level and it seems like the price is approaching the $18.80 support area.

Litecoin price is down more than 5% today and it failed to stay above the main $60.50 and $60.00 support levels. LTC price is now trading below the $58.00 level and it seems like the bears are aiming a test of the $55.00 support area. The next major support is near the $54.20 level.

EOS price is declining heavily below the $3.500 support area. It broke the $3.350 support area and it is now trading near the $3.200 support area. The next key support is near the $3.120 level, below which it could even test the $3.050 support.

Crypto Market Cap

Looking at the total cryptocurrency market cap hourly chart, there were sharp losses this month from the $250.0B resistance. The crypto market cap is down close to $40.0B and it is now approaching the $210.0B support. The next major support is near the $202.0B level.

Overall, there are chances of more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, 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.

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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.