- 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.
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.