Tron, Algorand, Zcash Price Analysis: 24 October

Sunday 25 October 2020, 1:25 AM AEST - 1 month ago

The Crypto Fear and Greed Index noted a reading of 73 at press time as Bitcoin surged towards $13,000 and momentarily saw many large-cap altcoins follow suit. While Tron attempted to reverse its downtrend as it appeared to break past its trendline resistance, the bears were quick to enter the fray. Further, Algorand might face rejection at a level of resistance while Zcash showed that it might be able to break out to the upside in the coming days.

Tron [TRX] PA-3-TRXUSDT-3.pngSource: TRX/USDT on TradingView

The cryptocurrency was trending lower (purple) on the charts, but with momentum that was lower than the same in the first week of September. News of Paypals plans to introduce its millions of users to Bitcoin fueled a collective surge in the market. While TRX did appear to break out, this surge was swiftly rejected.

Further, the moving averages showed that prior to the pump, the momentum was bearish, as the 20 SMA (white) was moving under the 50 SMA (yellow).

At press time, TRX had sunk below the trendline, with the Parabolic SAR also giving a sell signal.

Algorand [ALGO] PA-3-ALGOUSD-2.pngSource: ALGO/USD on TradingView

Algorand was moving within an ascending channel (yellow), and a close beneath the channel took the coin to the base of the channel near $0.28.

From there, the price bounced past its $0.3 resistance, but was forced under shortly thereafter and appeared to retest the same as resistance, at the time of writing.

The RSI showed that ALGOs momentum was neutral. It has trended upwards for the past few days, but has also labored under a strong down ...

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