Crypto Market Tumbles: EOS, Tron (TRX), Bitcoin Cash, ADA Price Analysis

Bitcoin and the whole crypto market fell sharply in the past few hours. BTC, Ethereum, ripple, EOS, BCH, ADA and altcoins are currently under a lot of selling pressure.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to stay above the $130 support level and recently started a sharp decline against the US Dollar. BCH/USD declined below the $126 and $125 support levels to move into a bearish zone. The price is down around 5.5% and it may continue to move lower towards the $120 or $118 support levels.

If there is an upside correction, the previous supports near the $125 and $126 levels may now act as barriers for buyers in the near term.

EOS, Tron (TRX) and ADA Price Analysis

EOS price is down around 5% after it failed to gain pace above the $2.65 resistance. The price declined below the $2.50 and $2.40 support levels. The next key support is at $2.30 where buyers are likely to emerge.

Tron price trimmed most of its recent gains and declined below the $0.0260 and $0.0250 support levels. TRX price is down 3.5% and it seems like it may continue to decline towards the $0.0220 support.

Cardano price fell more than 6% after it broke the $0.0460 support. ADA price is now trading near the $0.0430 level, with an immediate support at $0.0420. The next major support is at $0.0412, followed by $0.0405.

Looking at the total cryptocurrency market cap hourly chart, there was a sharp downside reaction from well above the $122.00B level. The market cap dipped sharply below the $120.00B support and a major bullish trend line on the same chart. It opened the doors for more losses and the market cap reached the $112.00B support level. There may be a short term correction, but upsides in BTC, ETH, tron, litecoin, EOS, ripple, XLM, IOTA and other altcoins remain capped.

Copyright © 2023 iCryptome.com