It has been a mixed trading day for the altcoin market as while some coins noted rallies, others dipped on their respective charts. BAT’s price action demonstrated consolidation, although it traded far off its immediate price floor of $0.795. Zcash dipped by 2.8% and could break below its immediate support line of $147.70.
On the contrary, Tron registered gains of 8.2% and recorded a multi-month high.
Tron [TRX]
TRX/USD, TradingView
Tron surged by 8.2% over the last 24 hours and was trading at $0.1033. Tron’s price touched a multi-month high at the said price level. It has hiked by 16% since the beginning of the month. The altcoin also displayed higher highs and higher lows, with the overhead resistance for TRX found at $0.1076.
The Awesome Oscillator displayed green signal bars that grew in size. Bollinger Bands diverged heavily, implying that market volatility could see a hike over the coming sessions.
Relative Strength Index remained within the overbought zone, although it recorded a bearish divergence in relation to the price action. This reading signified a price pullback. In case of such an event, the immediate support level lay at $0.0958 and then at $0.0888.
In recent news, Tron’s founder just purchased an NFT avatar for $10.5 million worth of Tron.
Basic Attention Token [BAT]
BAT/USD, TradingView
BAT recorded a slight decline as it traded at $0.862. The altcoin flashed signs of consolidation, however, it steered clear off its immediate price floor of $0.795. In case, BAT moves to the downside, the additional support levels were at $0.738 and then at $0.661.
Buying pressure saw a consistent rise as the Relative Strength Index was observed near 60. Chaikin Money Flow recorded capital inflows as it parked itself within bullish territory.
Conversely, the MACD’s green histograms declined over the last few trading sessions.
BAT could possibly meet with another upsurge if it falls down to trade on the $0.795 price level as the aforementioned level previously served as a propelling point for prices. In the case of the uptrend, the overhead resistance stood at $0.895.
Zcash [ZEC]
ZEC/USD, TradingView
ZEC, at press time, was on a downtrend, falling by 2.8% over the last 24 hours. It was trading close to its immediate support price line of $147.70. If ZEC is unable to sustain itself above the same, it could drop to a low of $137.78. This would mark a two-week low for ZEC.
Technicals remained bearish for the altcoin. The Relative Strength Index fell slightly below the 50-mark. The MACD displayed receding green histograms and an onset of a red histogram signifying bearish price action. Finally, the Awesome Oscillator also flashed red signal bars.
If ZEC follows a price reversal, it could retest its weekly high of $158.85 and then its multi-month high of $166.87.
