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$ 104,970.1
BTC
$ 104,970.1
-0.25 %
$ 2,519.94
ETH
$ 2,519.94
-0.43 %
$ 0.6246
ADA
$ 0.6246
-1.24 %
$ 643.89
BNB
$ 643.89
-1.13 %
$ 144.70
SOL
$ 144.70
-0.61 %
Richard Adrian
Dec 10, 2019
by Richard Adrian

Declining Crypto Market Cap: BCH, EOS, TRX, BNB

Market Cap
Declining Crypto Market Cap: BCH, EOS, TRX, BNB
Signifying the return of the bears again, crypto markets have dumped unto $6 billion over the past few hours. Let's take a look at the declining channels. 

Bitcoin and crypto market capitalization are facing endless hurdles to remain afloat above the recent declining channel. Ethereum, Binance coin, Ripple, Bitcoin Cash, Tron, EOS and litecoin all seem to be under massive pressure.

Bitcoin Cash Price Analysis

A short term increase above the current resistance saw Bitcoin Cash price fail to climb beyond the key $220 and $225 resistance levels against the United States Dollar. In fact, the BCH/USD pair is presently in a declining channel and is trading below the $210 support. However, on the downside the initial major support is around the $205 level, below which the price could possibly test the main $200 support area in the short term. However, on the upside, a clear break beyond $225 is necessary for a decent increase. 

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

Tron (TRX) on the other hand is also under pressure and is presently trading below the $0.0145. The coin has formed initial support near the support level of $0.0142. Meanwhile, the main support for TRX price is around the $0.0140 level. A point below which exists significant risks for an extended decline. 

The price of EOS failed to increase beyond the $2.850 resistance area and during press time, is facing a downward trend. Currently, the digital asset is trading near the $2.600 support, representing a 3% decline from the previous support. In case of more losses, the next key support could take root around the $2.500 level. Nevertheless, on the upside, the next support level of $2.700 could protect further gains. 

Binance Coin (BNB) is facing strong selling pressure around the $15.80 and $16.00 resistance levels. Hence, the price of BNB declined strongly and is now trading below $15.25. Initial support has also formed near $15.05 and $15.00; below which the bears could easily take control of the near term performance. 

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Declining Crypto Market Cap: BCH, EOS, TRX, BNB
Richard Adrian
Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

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