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

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.

About Umme Haani

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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.

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