Bitcoin rose above $27,000 on the 27th of December and it was trading at $27,597, at press time. Tron registered some gains over the past couple of days, but its recent losses reinforced bearish pressure on the market. Algorand met consistent selling volume and could be heading back downwards, while Zcash could be poised to test a level of resistance as its momentum shifted in favor of the market’s bulls.
The bounce off the level of support at $0.024 lost steam as TRX descended slightly in the few hours before press time, following which, it entered the golden pocket, the region between the 61.8% and the 65% Fibonacci retracement levels.
The RSI chopped about the neutral 50-line to indicate a lack of trend in the short-term. The move for TRX over the past few weeks has been a corrective one to the downside from its local high at $0.039 in late-November.
The evidence at hand showed that the market’s bears had the upper hand in the market. This could change if the $0.03-level is flipped to support. However, the 50% retracement level has been ceded to the bears twice already in December.
The previous month saw ALGO establish a range it has traded within. The upper and lower boundaries lay at $0.37 and $0.28. The mid-range at $0.32 also acted as support, alongside the horizontal historic levels of importance.
These levels can be used to enter long or short trades based on the direction of the market. At the time of writing, the short-term momentum was bullish, but it seemed likely that the $0.32-$0.33 zone would offer substantial resistance. Rejection at this region would signal an imminent move back towards the support at $0.3.
Finally, the OBV showed that throughout the past month, selling volume has consistently outpaced buying volume. This suggested that a break to the downside, below the $0.28-level, could see a drop to $0.25.
ZEC climbed above the $66.2-level to flip it to support. The Awesome Oscillator registered a bullish crossover, while the Directional Movement Index flipped from bearish to a bullish trend as the +DMI (blue) rose above the -DMI (pink) while the ADX (yellow) remained above 20.
This could see ZEC test the $71.2-level of resistance shortly.