With Bitcoin holding itself above its critical horizontal support in the $51k-$52k region, the bearish outlook for altcoins in the near-term persists. Tron formed a falling wedge and broke south, while Cosmos visited a region of demand as it saw the $18-level flipped from support to resistance. Finally, Zcash could see a bounce as high as $130, before its next move lower.
Tron [TRX]
Source: TRX/USDT on TradingView
While the falling wedge is seen as a bullish reversal pattern, sometimes, the price does break downward. TRX saw one such instance in the past two days as it lost the $0.058-level of former support precipitated by a strong momentum move to visit the $0.053-level of support.
The Stochastic RSI was in oversold territory, and the price could bounce to visit $0.056-$0.057 soon, but another move south seemed more likely. The Aroon Indicator also pointed to a bearish bias over the last few days, with the Aroon Down (blue) climbing higher on the indicator.
Cosmos [ATOM]
Source: ATOM/USD on TradingView
ATOM had a technical and psychological level of support at $18, which the bulls were successful in defending in March, despite repeated tests. However, recent selling pressure saw this level lost to the bears and it could be retested as resistance after a bounce from the region of demand at $16-$16.7.
The Directional Movement Index pictured a strong bearish trend in progress as the ADX (yellow) climbed above yellow alongside -DI (pink), and the RSI continued to move well under the neutral 50-line.
Zcash [ZEC]
Source: ZEC/USDT on TradingView
It was a similar case of lost levels of support for ZEC. The $134-$136 region has served as both supply and demand in recent weeks, and ZEC crashed right past this area in recent hours after seeming to defend it over the previous day.
The MACD continued to sink lower, while the OBV showed selling volume was rising once more in recent days.
The $125, $115.5, and $106-levels will be the next levels of interest, while $134.5 can be expected to act as resistance in the near-term.
