XRP has formed a triangle which could see a breakout to the upside provided market bulls remain strong in the $ 0.5 region. Algorand failed to break above $ 1.42 and was heading lower on the charts, while Zcash showed a drop to $ 150 is likely.
XRP formed a descending triangle pattern and was valued at $ 0.519. The overcharge of the $ 0.54 Fibonacci retracement level has been returned to resistance.
Highlighted in cyan, a possible route for XRP prices over the next few days. Invalidating this idea would break XRP below $ 0.49 with significant volume. A further test of the $ 0.51 level as support is likely in the coming hours as the RSI has slipped below neutral 50 to denote increasing bearish pressure.
Algorand appeared to form a bull flag over the greater periods of time as the descending channel (cyan) forms the flag. However, this was not the case for the price. ALGO encountered strong resistance at $ 1.42 and was unable to reach that level.
It is pushed lower towards $ 1.26. As the bears take control of the market at $ 1.42 in the recent past. The awesome oscillator was moving below the zero line to indicate bearish momentum. Losing the $ 1.26 and $ 1.2 level could see ALGO fall back to $ 1.
ZEC formed a rising wedge and slid under the pattern to indicate a return to the pattern base in the $ 140 area. The MACD has steadily declined in recent days.
The former support level at $ 172 retests as resistance to confirm a downward movement. The $ 158 mark could block ZEC’s descent, but likely not for long. OBV has shown that sellers have actually made a small dent in the last few days.
The sell volume was a fraction of the buy volume on the upward rally, but it shows that recent sales have some legitimacy. The $ 149 level should serve as support.
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