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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin & Crypto Market Signaling Downsides: BCH, XLM, EOS, TRX Analysis

Aayush Jindal
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 declining and it is below the $185.0B support.
  • Bitcoin price is struggling to climb above $7,300 and it might decline below $7,000.
  • BCH price is testing the $200 support and it could continue to slide.
  • EOS price failed to stay above $2.600 and it is likely moving towards $2.500.
  • Stellar (XLM) price is now well below $0.0455 and it is showing bearish signs.
  • Tron (TRX) price is likely to break the key $0.0130 support in the near term.

Bitcoin (BTC) and the crypto market cap are signaling more downsides. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) remain at a risk of another decline.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price climbed above $210 against the US Dollar. However, BCH price struggled to continue higher and it started a fresh decline below the $205 support. The price is now trading near the $200 support, with a bearish angle.

If there is a downside break below the $200 support, there is a risk of a sharp decline. The next major support is near the $185 level. On the upside, there are many hurdles near $210 and $215.

Stellar (XLM), EOS and Tron (TRX) Price Analysis

EOS price failed to gain strength above the $2.650 and $2.600 resistance levels and recently started a downside correction. It seems like the price might continue to decline towards the $2.500 support area. Conversely, it must settle above $2.650 to continue higher towards $2.800.

Stellar price is following a strong downtrend below the $0.0500 resistance. XLM price is now trading below the $0.0455 pivot level and it might continue to decline. The main supports on the downside are near $0.0420 and $0.0400.

Tron price is down more than 2% and it is trading below the $0.0135 support. An immediate support is near the $0.0130 level, below which there is a risk of a sharp decline towards the $0.0120 support area. On the upside, there are key hurdles forming near $0.0135 and $0.138.

Bitcoin & Crypto Market  Cap
Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there were a few rejections near the $195.0B and $200.0B levels. As a result, there was a bearish reaction below $190.0B and a connecting bullish trend line. It seems like there is a risk of more downsides below the $185.0B and $180.0B support levels.

Therefore, there could be another decline in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term. Conversely, the crypto market cap might rally above $195.0B and $200.0B.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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