- The total crypto market cap is following a declining structure below the $128.0B resistance level.
- EOS price broke the key $3.55 and $3.50 support levels to move into a bearish zone.
- Bitcoin cash price traded below the $130 support and it could now test the $125 level.
- Tron (TRX) price extended losses below $0.0240 and it is now approaching the $0.0220 support.
- Cardano (ADA) price is currently sliding towards the key $0.0400 support level.
The crypto market recovery remains at a risk of more losses. Bitcoin (BTC), Ethereum (ETH), EOS, BCH, ripple, tron (TRX), ADA and other altcoins could continue to weaken in the near term.
Bitcoin Cash Price Analysis
Recently, bitcoin cash price struggled to break the $135 resistance level and later declined against the US Dollar. The BCH/USD pair broke the $132 and $130 support levels to move into a bearish zone. The current price action is negative and it suggests that the price may decline further towards the $125 support level.
On the upside, the main resistance is at $132, above which the price could recover towards the $135 resistance level. The risk remains to the downside as long as the price is below the $132 level.
EOS, Tron (TRX) and ADA Price Analysis
EOS price declined heavily from well above the $4.00 support. It broke the $3.80 and $3.65 support levels to trim most its gains. Recently, sellers pushed the price below the key $3.55 and $3.50 support levels. The price is now under pressure and it may continue to decline towards the $3.40 or $3.35 support zone.
Tron price traded below the $0.0250 support level to enter a bearish zone. TRX recently declined below $0.0240 and it seems like sellers are aiming for the $0.0220 support level. On the upside, an initial resistance is at $0.0235, followed by the $0.0240 level.
Cardano price remained in a downtrend and it recently broke the $0.0440 and $0.0420 support levels. ADA is about to test the $0.0400 support level, below which there is a risk of a sharp drop. On the upside, there are many hurdles near the $0.0420, $0.0425 and $0.0440 levels.
Looking at the total cryptocurrency market cap hourly chart, there were many failures near the $128.0B resistance level, resulting in a sharp decline. The market cap recently broke the $125.0B and $124.0B supports to set the pace for more losses. It is currently following a declining channel with resistance at $125.0B on the same chart. The technical structure suggests that the crypto market cap is under pressure and it could slide towards the $122.0B and $120.0B support levels in the near term. Therefore, there could be more losses in bitcoin, ETH, XRP, tron, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins.
