Crypto price analysis: Cardano (ADA), EOS and Bitcoin Cash

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Crypto price analysis: Cardano (ADA), EOS and Bitcoin Cash

By Crispus Nyaga - min read

Cryptocurrency prices remained under intense pressure as geopolitical and central bank risks continued. Bitcoin dropped below $19,000 once again while Ethereum slipped below $1,300. As a result, the total market cap of all cryptocurrencies slipped to $907 billion. This decline happened as the crisis in the UK and Ukraine continued while hopes of a more hawkish Federal Reserve continued.

So, is it safe to buy Cardano, EOS, and Bitcoin Cash during the weekend?

Cardano price prediction

ADA price has been in a steep sell-off in the past few months. After peaking at $3 in 2021, the coin crashed to $0.3869. As a result, its total market cap has plunged from an all-time high of more than $90 billion to about $12 billion. 

Cardano’s underperformance is mostly because the hype it had in 2021 has died away. At the time, most analysts were hoping that it will become the most viable alternative to Ethereum. Today, Cardano’s ecosystem is significantly tiny than most large-cap platforms.

On the daily chart, we see that the coin crashed below the lower side of the descending triangle pattern that is shown in black. It has continued moving below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has crashed below the oversold level.

Therefore, Cardano price will likely continue falling as sellers target the key support level at $0.035, which is significantly lower than the current level.

EOS price prediction

EOS price has plunged by more than 60% this year and is significantly below its all-time high. Its recent recovery after the Antelope launch has faded. At the same time, its ecosystem has been overtaken by other newer projects like Solana and Avalanche.

The daily chart shows that EOS formed a double-top pattern at $1.90. In price action analysis, this pattern is usually a bearish sign. The coin has managed to move below the neckline at $1.3410, which was the lowest point on September 1st. Meanwhile, the 25-day and 50-day moving averages have made a bearish crossover.

Therefore, EOS will likely continue falling as sellers target the next key support at $0.825, which was the lowest level on June 18.

Bitcoin Cash price prediction

Bitcoin Cash price continued falling as a sea of red engulfed the cryptocurrency market. BCH tends to have a close correlation with BTC. On the daily chart, the coin has formed a falling wedge pattern, which is usually a bullish sign. The downward trend is being supported by the 25-day and 50-day moving averages and the Relative Strength Index.

Therefore, because of the falling wedge pattern, there is a likelihood that Bitcoin Cash will have a bullish breakout in the coming days. If this happens, the next key resistance level to watch will be at $120, which is the upper side of the wedge pattern. On the flip side, a drop below the support at $95 will invalidate the bullish view.

How to buy Bitcoin Cash

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BCH with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy BCH with Bitstamp today