Crypto Market Signalling Downsides: Bitcoin Cash and EOS
- Alexane johnson
- Jan 2, 2020
- 2 min read
The cryptomarket is hitting a downside trend following entry into 2020. Ethereum(ETH), Bitcoin Cash (BCH), Stellar (XLM), EOS, ADA, Ripple and Tron (TRX) all remain at the risk of the bears; a significant decline looms on the cards.
Bitcoin Cash
Meanwhile, Bitcoin Cash surged beyond the $210 price zone against the United States Dollar. Additionally, Bitcoin Cash is struggling to rise beyond a fresh New Year’s Day decline below the $205 support level. During press time, the bitcoin fork is trading within the $200 support and seems to be taking a bearish angle. Given a downside break further below the support of $20, a high possibility exists of sharp declines. The next key support is taking shape near the $185 price level. Around the upside, there are various hurdles around the $210 and $215 support levels.
Stellar (XLM), EOS and Tron (TRX) Markets Analysis
EOS, a coin that was designed to support large scale application, has also failed to gain strength beyond the $2.650 and $2.600 resistance levels. The coin recently faced an upward correction. In fact, EOS seems like it could continue declining towards the $2.500 support level. If at all it must settle beyond the $2.650 -; there is a likelihood of rising higher towards the $2.800 level.
The price of Stellar is also facing a strong downtrend below its $0.0500 key resistance. Stellar could continue a further downward trend below the $0.0455 pivot level -; the price at which it now trades. Noteworthy, are the key supports on the downside around $0.0420 and $0.0400.
Tron (TRX) performance is currently facing downtrend of at least 2%. The coin is currently trading below the $0.0135 support. Additionally, immediate support around the $0.0130 level faces a sharp decline towards the $0.0120 support level. Nonetheless, the upside faces two key hurdles near $0.0135 and $0.138.
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