Crypto Market In Corrective Decrease: EOS, Bitcoin Cash, TRX, ADA Price Analysis
EOS price declined sharply and broke the $5.40 and $5.25 support levels.
Bitcoin cash price declined around 4% and broke the $295 and $290 support levels.
Tron (TRX) price failed to gain traction and cleared the $0.0252 support zone.
Cardano (ADA) price is under pressure and it could decline towards the $0.0700 support.
The crypto market is in a corrective decrease, with losses in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron (TRX), ADA, BNB, and other altcoins might extend losses before a fresh rebound.
Bitcoin Cash Price Analysis
There were multiple rejections near the $305 level in bitcoin cash price against the US Dollar. As a result, the BCH/USD pair started a fresh decline and broke the $300 and $295 support levels. The pair even broke the $290 level and it may continue to move down towards the $285 support level.
On the upside, the previous support at $295 could act as a strong resistance. The main resistance is at $300, above which the price might climb higher towards the $315 level.
EOS, Tron (TRX) and ADA Price Analysis
EOS price declined more than 5% and broke the $5.40 and $5.25 support levels. The price even broke the $5.20 level and it may continue to move down towards the $5.05 support level. On the upside, the price must settle above $5.25 to move back in a positive zone.
Tron price recently declined below the $0.0265 and $0.0262 support levels. TRX price is currently below $0.0250 and it remains at a risk of more losses towards the $0.0240 level. On the upside, the previous support at $0.0262 is likely to act as a resistance if there is a fresh recovery.
Cardano price broke the key $0.0800 support level to move into a bearish zone. ADA price even cleared the $0.0750 support level and it is currently trading near the $0.0735 level. It could extend losses towards the $0.0720 or $0.0710 level before a fresh increase.
Looking at the total cryptocurrency market cap hourly chart, there was a slow and steady decline below the $172.0B support level. The market broke the key support at $170.0B and a connecting bullish trend line on the same chart. Therefore, there are chances of more downsides towards the $164.0B or $163.0B level before a fresh upward move. If there is a downside extension, the market cap might even test the $160.0B support level in the near term. Overall, there could be swing moves in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins before the bulls take a stand and push the market higher.
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