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

Aayush Jindal

1 year ago

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The total crypto market cap is currently struggling below the $260.0B resistance area.
Bitcoin price is declining and is trading just below the $10,000 support area.
EOS price is correcting gains and it even broke the $3.850 support area.
BCH price is declining and is approaching the main $300 support area.
Tron (TRX) price is down more than 5% and it is approaching the $0.0165 support level.
Cardano (ADA) price failed to stay above the $0.0500 support and declined below $0.0485.

Bitcoin and the crypto market cap are currently declining. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are likely to extend downsides.

Bitcoin Cash Price Analysis

After a decent upward move above $320, BCH price struggled to clear the $330 level against the US Dollar. The price started a fresh decline recently and broke the $320 and $310 levels. The price is currently testing the $305 support and it seems like it could test the $300 support soon.

If there is a downside break, the price could decline towards the $285 support area. On the upside, the $310 level is an initial resistance, above which the price could retest $320.

EOS, Tron (TRX) and ADA Price Analysis

EOS price failed to hold the key $4.050 and $4.000 support levels. The price started a major correction and it recently broke the $3.850 support area. If there are more downsides, the price could test the main $3.650 support area in the coming sessions.

Tron price is trimming the last week’s gains and it failed to stay above the $0.0170 level. TRX price is currently below $0.0168 and it seems like it could extend its decline towards the $0.0165 level. On the upside, the previous support near $0.0170 may perhaps act as a resistance.

Cardano price struggled to break the $0.0520 resistance and started a fresh decline. ADA price broke the $0.0500 support and it is currently trading near $0.0480. If the price continues to decline, it could easily revisit the $0.0450 support area.

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline from the $265.0B resistance area. The market cap broke the $260.0B support, which is now acting as a resistance. On the downside, there is a major support forming near the $245.0B level. If there is a downside break, the market cap might slide towards the $225.0B support area. On the upside, there are many hurdles near the $258.0B and $260.0B levels. Therefore, there is a risk of an extended decline 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.

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.