XRP formed a triangle pattern that could see a positive breakout provided the bulls in the market remain strong in the USD 0.5 region. Algorand failed to get past $ 1.42 and went lower on the charts, while Zcash probably dropped to $ 150.
XRP
Source: XRP / USD on TradingView
XRP formed a descending triangle pattern and was valued at $ 0.519 at the time of writing. The overhead of the $ 0.54 Fibonacci retracement level has turned into resistance.
Highlighted in cyan is a possible route for XRP prices in the coming days. To invalidate this idea would mean that XRP breaks below $ 0.49 with strong volume. A retest of the $ 0.51 level as a support is likely in the coming hours as the RSI dropped below the neutral 50 to signal rising bearish pressure.
If a breakout is seen, the USD 0.6 region would be a target for the bulls.
Algorand [ALGO]
Source: ALGO / USD on TradingView
Algorand seemed to form a bull flag on the larger timeframes as the descending channel (cyan) forms the flag. However, this was not the case for the price. ALGO met heavy resistance at USD 1.42 and failed to scale this level.
It was instead lowered to $ 1.26 as bears took control of the market at $ 1.42 in the recent past. The Awesome Oscillator moved below the zero line to indicate bearish momentum. If you lose the $ 1.26 level and $ 1.2, ALGO can go back to $ 1.
Zcash [ZEC]
Source: ZEC / USDT on TradingView
ZEC formed a rising wedge and slid under the cartridge to signal a move back to the base of the cartridge in the $ 140 area. The MACD has been declining steadily in recent days.
The level of previous support at USD 172 was retested as resistance to confirm a downward move. The $ 158 figure could slow ZEC’s descent, but probably not for long. The OBV showed that sellers have made a dent in recent days.
Sales volume was a fraction of the purchase volume during the rise, but it does show that recent sales have some legitimacy. The USD 149 level is expected to serve as a support.
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