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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Crypto Market Could Extend Losses: EOS, Bitcoin Cash, TRX, ADA Price Analysis

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis altcoins

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  • The total crypto market cap declined recently and broke the key $128.0B support level.
  • EOS price is down more than 6% and it broke the $3.75 and $3.60 support levels.
  • Bitcoin cash price traded below the $130 support and it is currently under pressure near $128.
  • Tron (TRX) price is down more than 4% and it broke the key $0.0220 support level.
  • Cardano (ADA) price is holding the ground above the $0.0450 support area.

The crypto market declined recently, with bearish moves in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron (TRX), ADA and other altcoins are at a risk of more losses in the near term.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to stay above the $132 support and declined recently against the US Dollar. The BCH/USD pair broke the $130 support area to enter a bearish zone. The price is down around 4% and it could continue to move down towards the $126 and $125 support levels.

On the upside, an initial resistance is near the $130 level, above which the price could test the $132 level. The main resistance is at $135, where sellers are likely to protect gains.

EOS, Tron (TRX) and ADA Price Analysis

EOS price trimmed most its gains and broke the $3.75 and $3.60 support levels. The price is down more than 6%, with an immediate support at $3.50. The next key support is at $3.35, which may perhaps act as a strong buy zone. On the upside, the previous support at $3.62 and $3.65 could act as a resistance.

Tron price remained in a bearish zone below $0.0240 and it recently extended losses. TRX price broke the key $0.0220 support level and tested $0.0210. The next main support is at $0.0200, where buyers might take a stand.

Cardano price performed well and remained in a positive zone above the $0.0440 and $0.0450 support levels. However, ADA price is facing a strong resistance near the $0.0475 level, which may result in a short term bearish reaction in the near term.

Crypto Market Cap Bitcoin Cash BCH EOS TRX ADA

Looking at the total cryptocurrency market cap hourly chart, there was a failure to break the $130.0B resistance level. The market cap started a downward move and broke the $128.0B and $126.0B support levels. There was also a break below a contracting triangle with support at $128.0B on the same chart. It tested the $125.0B support and currently consolidating in a range. In the short term, there could be an upside correction, but the $128.0B and $130.0B levels are likely to prevent gains. Therefore, upsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins are likely to remain capped 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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