Crypto Market Trims $80 Billion: Bitcoin, BCH, EOS, TRX, ADA Analysis

• 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.

The post Crypto Market Trims $80 Billion: Bitcoin, BCH, EOS, TRX, ADA Analysis appeared first on NewsBTC.

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