• The total crypto market cap declined sharply from the $380.0B swing high and even broke $300.0B.
  • Bitcoin price is down more than 20% from the recent high and even broke $11,500.
  • EOS price down more than 15% and it recently broke the key $6.00 support area.
  • BCH price is down around 16% and it recently tested the $400 support area.
  • Tron (TRX) price tumbled below the $0.0350 and $0.0325 support levels.
  • Cardano (ADA) price dived 12% and broke the main $0.0880 support area.

Bitcoin price declined sharply below $11,500, pushing the crypto market cap lower by more than $80B. There were strong bearish moves in Ethereum (ETH). EOS, Tron (TRX), BCH, ripple, ADA and BNB.

Bitcoin Cash Price Analysis

Recently, there was a strong downside reversal in bitcoin cash price from well above $500 against the US Dollar. The BCH/USD pair broke the $480 and $450 support levels to move into a bearish zone. The decline was such that the price broke the $420 support and spiked below the $400 handle.

The price is currently consolidating near the $400 level and it seems like it could correct higher in the near term towards the $415 or $420 level.

EOS, Tron (TRX) and ADA Price Analysis

EOS price also failed to stay above the key $6.50 and $6.20 support levels. As a result, the price even broke the $6.00 support area and it is currently down around 15%. It is trading just above the $5.70 support, below which the price may perhaps test the $5.50 support.

Tron price failed to climb above the $0.0400 barrier and recently started a downward move. TRX price broke the key $0.0350 support level to move back in a bearish zone. Moreover, the price traded below the $0.0320 support and it could decline towards the $0.0300 level.

Cardano price failed to climb above the $0.0980 and $0.1000 resistance levels. ADA price started a strong decline and broke the key $0.0920 and $0.0900 support levels. The price is now trading below $0.0860, but it could recover in the short term.

Looking at the total cryptocurrency market cap 4-hours chart, there was a strong downside reaction from the $380.0B level. The market cap declined more than $80.0B and broke many supports such as $325.0B and $300.0B. It tested the $285.0B support and the 100 SMA on the same chart. It is currently correcting higher, but struggling to climb back above a broken bullish trend line. On the upside, there are many hurdles near the $310.0B and $325.0B levels. Only a successful close above the $325.0B resistance could restart an upward move in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins.

Source link


Please enter your comment!
Please enter your name here