Bitcoin Cash, Zcash, Algorand Price Analysis: 1 September
Bitcoin Dominance dipped to 59.7 as Ethereum surged to $444. Bitcoin Cash showed signs of continued bearishness. Zcash could be gearing up to flip a resistance to support. Algorand was trading at a level that buyers and sellers were evenly matched at.
Bitcoin Cash [BCH]
Source: BCH/USD on TradingView
BCH showed continued bearishness. It has been setting lower highs for the past two weeks, and has been rejected firmly from resistance at $326.
50 eMA (yellow) snaked beneath 100 EMA (pink). The 50 EMA has acted as support and resistance over the past month for BCH.
Parabolic SAR also gave a sell signal. Unless BCH moves above 100 EMA, BCH would continue to remain bearish. It is likely BCH moves beneath $265support.
Zcash [ZEC]
Source: ZEC/USDT on TradingView
ZEC showed signs of the beginning of an uptrend. RSI was at 54 and had bounced off neutral 50 line multiple times. This indicated an uptrend.
The grey arrow shows how buying interest existed, despite price being so close to resistance at $80. The following green candle showed a retest of resistance with good trading volume.
Buyer interest near the resistance zone usually indicates a breach of resistance is likely. ZEC can be expected to flip resistance to support, and target $91 level.
Algorand [ALGO]
Source: ALGO/USDT on TradingView
ALGO has been in a short-term downtrend since reaching highs of $0.75. It was trading near the Point of Control at $0.533, indicated by VPVR. A drop beneath support $0.51 can see ALGO dip toward $0.45. VPVR showed a lack of significant trading activity between $0.51 and $0.46, suggesting price won’t remain in this region for long.
Directional Movement Index showed a lack of a strong trend, with ADX (yellow) below 20.
In other news, 1World Online announced a partnership with Algorand and will be receiving future investments from Borderless Capital.
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Akashnath, Khareem Sudlow