The past few days have been tough for the crypto market which suffered a slump reminiscent to that suffered this time last year. There had been speculations in the past week that the weekend could bring some succor to the market however the bearish trend only got stronger over the weekend.
None of the coins in the top 10 is trading positive and leading token Bitcoin is making a loss of 7.40 in the last 24 hours of trading. BTC is currently valued at $6,735, and some analysts hinting that the coin could be on the way down to the $3,000 mark again.
As it is well established that Bitcoin’s price movement generally dictates the overall direction of the market, it is no surprise that the bearish wave has spread across the coins in the top 100.
Keeping in track with our daily intraday trading analysis, we look at some of the major coins in the crypto market with EOS (EOS), Cardano (ADA) and Litecoin (LTC) as our main subject of focus today.
EOS Intraday Analysis
EOS value is down by 9.99% against the USD and its price has broken beyond its supports level of $2.5. EOS began the day trading at $2.67 before series of downturn movements saw the coin hit as low as $2.30 before recovering to its current price level of $2.41.
Looking at its bearish trend, EOS could continue downwards beyond its current support levels of $2.350 and move towards the $2.250 level. However, on the positive side, a spike in its value could see the coin recover towards the $2.500 resistance point.
Cardano (ADA) Intraday Analysis
Cardano is well and truly on a downward spiral, after starting the day at $0.037, the coin has lost 9.43% in value within the last 24 hours. ADA is currently trading below its support levels of $0.0350 and is gradually approaching the $0.0320 support levels. At press time, a unit of Cardano is valued $0.034043 and ranked 13th on the table.
Looking at the price trend, if the negative downturn continues, Cardano (ADA) could further drop to $0.0305 level. An upside in price could see the coin test $0.035 resistance level.
Litecoin Intraday Analysis
Litecoin price is down by 8.50% with the coin trading way below its $50.00 support. Litecoin began the day valued at $47.30 but went through a series of negative movements with the coin valued at $43.90 at the time of writing.
Looking at the current trend, if the negative slope continues, the next support levels will be close to the $40.00 mark.