Bitcoin topped $ 27,000 on December 27 and was trading at $ 27,597 at the time of publication. Tron is posting gains over the past two days. But its recent losses have added to the downward pressure on the market. Algorand is achieving a constant sales volume and could decline. Zcash could be set to test a resistance level as its momentum shifts in favor of the bulls in the market.
Tron [TRX]
Source: TRX / USDT on TradingView
The bounce off the support level at $ 0.024 loses momentum as TRX edged lower in the few hours leading up to the press hour. It enters the Golden Pocket, the region between the 61.8% and 65% Fibonacci retracement levels.
The RSI hashed on the 50 neutral lines to indicate a lack of short-term trend. TRX’s move is a downward fix from its local high of $ 0.039 in late November.
The available evidence showed that market declines prevailed over the market. This could change if the $ 0.03 level is returned to support. However, the 50% retracement level has already been ceded to bears twice in December.
Algorand [ALGO]
Source: SOMETHING / USD on TradingView
The previous month, ALGO established a range in which it traded. The upper and lower limits were at $ 0.37 and $ 0.28. The mid-range at $ 0.32 also serves as support, alongside historical horizontal importance levels.
These levels can be used to enter long or short trades depending on the direction of the market. Short-term momentum was bullish, but it seemed likely that the $ 0.32 to $ 0.33 area would offer substantial resistance. A rejection in this region would signal an imminent return to support at $ 0.3.
Finally, the OBV shows that over the past month, the sales volume has consistently exceeded the purchasing volume. This suggests that a breakout to the downside, below the $ 0.28 level, could cause a decline to $ 0.25.
Zcash [ZEC]
Source: ZEC / USDT on TradingView
ZEC climbs above the $ 66.2 level to return it to support. The Awesome oscillator records a bullish cross. The Directional movement index changes from a downtrend to an uptrend. The + DMI (blue) increased above the -DMI (pink) while the ADX (yellow) remained above 20.
This could see ZEC testing the resistance level of $ 71.2 shortly.
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