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Analysis

XRP, Algorand, Zcash Price Analysis: 21 February

Akashnath Sumukar

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Source: Pixabay

XRP formed a triangle pattern that could see a breakout to the upside provided the bulls in the market hold strong at the $0.5 region. Algorand failed to move past $1.42 and was headed lower on the charts, while Zcash showed a drop to $150 is likely.

XRP

XRP, Algorand, Zcash Price Analysis: 21 February

Source: XRP/USD on TradingView

XRP formed a descending triangle pattern and was valued at $0.519 at the time of writing. The Fibonacci retracement level overhead at $0.54 has been flipped to resistance.

Highlighted in cyan is a possible route for XRP prices over the next few days. Invalidation of this idea would be XRP breaking beneath the $0.49 mark with strong volume. A retest of the $0.51 level as support is likely in the coming hours, as the RSI slid below neutral 50 to denote rising bearish pressure.

If a breakout is seen, the $0.6 region would be a target for the bulls.

Algorand [ALGO]

XRP, Algorand, Zcash Price Analysis: 21 February

Source: ALGO/USD on TradingView

Algorand appeared 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 $1.42 and was unable to scale this level.

It was instead pushed lower toward $1.26 as bears took control of the market at $1.42 in the recent past. The Awesome Oscillator was moving beneath the zero line to indicate bearish momentum. Losing the $1.26 level and $1.2 could see ALGO retrace all the way back to $1.

Zcash [ZEC]

XRP, Algorand, Zcash Price Analysis: 21 February

Source: ZEC/USDT on TradingView

ZEC formed a rising wedge and slid beneath the pattern to indicate a move back to the base of the pattern in the $140 area. The MACD has been moving steadily lower over the past few days.

The level of former support at $172 was retested as resistance to confirm a move to the downside. The $158 mark could stall ZEC’s descent, but likely not for long. The OBV showed that sellers have actually made a small dent in the past few days.

The selling volume was a fraction of the buying volume on the rally upward, but it does show that recent selling has some legitimacy. The $149 level is expected to act as a support.


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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

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