Crypto Market Update: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis
- The total crypto market cap is struggling to gain pace above the $ 112.00B resistance.
- EOS price failed to break the $ 2.50 resistance recently and declined.
- Bitcoin cash price just moved below the $ 120 support level, with a bearish angle.
- Tron (TRX) price is down more than 2% and it could test the $ 0.0250 support level.
- Cardano (ADA) price struggle to clear the $ 0.0400 resistance and declined below $ 0.0385.
Bitcoin Cash Price Analysis
Bitcoin cash price traded higher this past week and broke the $ 115 and $ 118 resistance level against the US Dollar. BCH/USD also moved above the $ 120 level, but it failed to hold gains. As a result, the price moved below $ 120 and it seems like it could continue to move down.
An initial support is at $ 118, below which there is a risk of a drop to $ 115. On the upside, the main resistances are $ 120 and $ 122.
EOS, Tron (TRX) and ADA Price Analysis
EOS price failed to gain momentum above the $ 2.45 and $ 2.50 resistance levels. Sellers gained control and pushed the price below the $ 2.40 support. The next key supports on the downside are at $ 2.35 and $ 2.32.
Tron price started a fresh downward move and declined more than 2%. TRX price broke the $ 0.0265 support and it may continue to move down towards the $ 0.0250 support level, where buyers are likely to emerge.
Cardano price also followed a bearish path in the past few hours and declined below the $ 0.0385 support. ADA is currently trading below $ 0.0380 and it might soon test the $ 0.0372 support level.
Looking at the total cryptocurrency market cap hourly chart, there was a major drop from well above the $ 112.00B level. The market cap declined below the $ 110.00B support and a connecting bullish trend line on the same chart. In the short term, there could be bullish moves, but a proper break above $ 112.00B is needed for a decent upward move. Until then, bitcoin, ETH, XRP, tron, litecoin, EOS, stellar, IOTA and other altcoins could remain under pressure.
More at https://www.newsbtc.com/2019/02/04/crypto-market-update-eos-bitcoin-cash-tron-trx-ada-price-analysis-6/