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Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Crypto Market Facing Uphill Task: EOS, Bitcoin Cash, TRX, ADA Price Analysis

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis altcoins

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  • The total crypto market cap found support near $121.0B and later recovered above $124.0B.
  • EOS price corrected lower sharply and traded below the $3.80 and $3.60 support levels.
  • Bitcoin cash price is currently trading nicely above the $132 and $130 supports.
  • Tron (TRX) price is under pressure below the $0.0250 and $0.0248 resistance levels.
  • Cardano (ADA) price is currently holding the $0.0420 support area, with a positive angle.

The crypto market recovery is facing a lot of hurdles on the upsides. Gains in bitcoin (BTC), Ethereum (ETH), EOS, BCH, ripple, tron (TRX), ADA and other altcoins are likely to face resistance.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to stay above the $145 and $140 support levels against the US Dollar. The BCH/USD pair declined sharply and broke key supports near the $140 and $138 levels. However, the $130-132 zone acted as a support and later the price corrected higher.

It is currently up around 3.5% and it could retest the $140 resistance level. If there is an upside break above the $140 resistance, the price may perhaps revisit the $145 level. On the downside, the key supports are near $135 and $132.

EOS, Tron (TRX) and ADA Price Analysis

EOS price trimmed most of the last week’s gains from well above the $4.00 level. The price traded below the $3.85 and $3.80 support levels to start a bearish wave. The price even broke the $3.60 support level. At the moment, the price is trading above the $3.50 support and it seems like it could correct higher towards the $3.65 and $3.70 resistance levels.

Tron price remained in a bearish zone below the $0.0250 resistance level. There were mostly bearish moves in TRX and the price declined below the $0.0250 and $0.0248 support levels. It must stay above the $0.0240 level to avoid further losses in the near term.

Cardano price declined recently, but the $0.0400 support area acted as a barrier for buyers. ADA price is currently trading above the $0.0420 level and it seems like the price may rise towards the $0.0450 level in the coming sessions.

Crypto Market Cap bitcoin cash EOS ADA Tron TRX

Looking at the total cryptocurrency market cap hourly chart, there was a sharp decline from well above the $138.0B level. The market cap broke the key $128.0B support to enter a bearish zone. It traded towards the $120.0B support level and later started an upside correction. However, there are many resistances on the upside near the $128.0B and $130.0B level. The main supports are at $124.0B and $122.0B. Therefore, if bitcoin, ETH, XRP, tron, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins correct higher, they are likely to face a lot of hurdles.

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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.

Read more

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

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