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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market And Bitcoin Might Decline Further: BCH, EOS, TRX, ADA 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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Created by industry experts and meticulously reviewed
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  • The total crypto market cap is following a bearish pattern below the $230.0B level.
  • Bitcoin price is facing an increase in selling pressure below $8,600 and $8,500.
  • EOS price is currently struggling to stay above the key $3.350 support area.
  • BCH price extended decline and broke the $280 and $265 support levels.
  • Tron (TRX) price is currently trading near the key $0.0185 support area.
  • Cardano (ADA) price is showing positive signs above the $0.0420 support.

Bitcoin and the crypto market cap are currently declining. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA, ripple, and BNB remains at a risk of more downsides.

Bitcoin Cash Price Analysis

Recently, BCH price started a fresh decline after it failed to stay above the $285 support against the US Dollar. The price even broke the $280 support level and recently broke the $265 support. The next major support is near the $250 level, below which the bears may even eye a test of the $200 handle.

On the upside, the previous key support near the $280 level is now likely to act as a strong resistance. A clear close above $280 is needed for upside acceleration.

EOS, Tron (TRX) and ADA Price Analysis

EOS price broke a couple of important supports near the $3.500 level. The price even traded below $3.400 and it is currently struggling to hold the $3.350 support area. The next key support zone is near the $3.200 level. On the upside, the $3.500 level may perhaps prevent a fresh increase in the near term.

Recently, tron price trimmed most its gains from well above the $0.0200 level. TRX price traded below $0.0190 and even spiked below the $0.0185 support. The price is currently consolidating and it is likely to revisit the $0.0190 and $0.0192 resistance levels.

Cardano price declined this past week below the $0.0440 level. However, the $0.0420 area acted as a strong support and prevented more downsides. At the moment, the price is trading with positive signs and trading nicely above the $0.0440 level. The main resistance is near $0.0450, followed by 0.0465.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a downside break below the $230.0B support area. The market cap is currently declining and following a bearish channel with resistance near the $228.0B level. It seems like the market cap could retest the $215.0B or $210.0B support area before a decent recovery.

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

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

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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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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

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