The Crypto Market Bleeds! Here’s All You Need To Know

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Umme Haani
Vinayak Buckshee is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

Recently, there was a sharp decline in bitcoin cash price below the $440 and $420 supports against the US Dollar. The BCH/USD pair had even spiked below the $400 support and it is currently consolidating above the $400 level. On the upside, there are a few important resistances near the $420 and $425 levels. If there is an upside break above the $425 level, BCH could start a decent recovery in the near term. On the downside, the main support is near the $400 level, below which the price could decline sharply.

Likewise, EOS price declined heavily below $6.000 before the bulls appeared near the $5.600 level. The price recovered above $5.750 and it is currently consolidating above the $5.800 level. On the upside, a break above the $6.000 level is needed for a decent recovery in the near term.

Tron price settled below the key $0.0350 and $0.0332 support levels. TRX price even spiked below $0.0320 and it is currently trading in a range. To start an upside correction, the price must break the key $0.0332 resistance level.

Binance coin (BNB) unfortunately, declined below the $34.00 and $33.50 support levels. However, it managed to stay above the $32.00 support level and it is currently consolidating. To start a decent upward move, BNB price must move back above the $33.50 and $34.00 resistance levels. Looking at the total cryptocurrency market cap 4-hours chart, there were heavy losses below the $325.0B support area. The market cap stayed above the $290.0B support but recently failed. It broke the $290.0B support and a bullish trend line. It tested the next main support near the $275.0B level and it is currently correcting higher. However, a break above the $300.0B and $305.0B levels is needed for a decent recovery. If not, there is a risk of more losses in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term.

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