Crypto Market Could Dive To $200B, Bitcoin Turns Red: BCH, XLM, EOS, TRX Analysis
The total crypto market cap is currently in a bearish zone below the $220.0B resistance.
Bitcoin price is trading above the $8,000 support and remains at a risk of more losses.
BCH price is now consolidating losses below the $250 resistance area.
EOS price is declining and approaching the $3.050 and $3.000 support levels.
Stellar (XLM) price is down more than 2% and it is now below the $0.0650 support.
Tron (TRX) price is down close to 4% and it is trading near the $0.0165 support.
Bitcoin (BTC) and the crypto market cap are currently in a heavy downtrend. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are under a lot of selling pressure.
Bitcoin Cash Price Analysis
Recently, BCH price declined heavily below the $265 support area against the US Dollar. The price even broke the $250 support area and traded close to $235. It is currently consolidating losses above $240 and facing a strong resistance near the $250 and $255 levels.
The main resistance is now near the $265 level. On the downside, an initial support is near the $235 level, below which the price could test the $225 level.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price declined sharply in the past few days and broke many key supports near $3.500 and $3.350. The price is now trading in a bearish zone and it is approaching the $3.050 and $3.000 support levels. A downside break below $3.000 might push the price towards $2.850.
Stellar price trimmed most its gains from well above the $0.0700 level and it is now declining below $0.0168. XLM price even broke the $0.0650 support and it seems like it is likely to test the $0.0620 support area. On the upside, the $0.0665 may perhaps act as a resistance.
Tron price faced an increase in selling pressure after it broke the 0.0185 support area. TRX price is down around 4% and it is trading near the $0.0165 support area. If there are more losses, the price is likely to continue lower towards the $0.0152 support area.
Crypto Market Cap
Looking at the total cryptocurrency market cap 4-hours chart, there are many bearish signs visible below the $220.0B and $230.0B resistance levels. On the downside, the main support is near the $210.0B level, below which there is a risk of a drop towards the $200.0B support area. Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term unless the crypto market cap climbs back above $230.0B.
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