XRP has formed a triangle pattern that could see an upside break, provided the bulls in the market remain strong in the $ 0.5 zone. Zcash fell to $ 150.
XRP price analysis
XRP has created a descending triangle pattern and is worth $ 0.519 at the time of this writing. The $ 0.54 Fibonacci retracement level has reverted to resistance.
The part highlighted in cyan in the chart is a possible route for XRP prices for the next few days. Invalidating this idea would be for XRP to drop below the $ 0.49 mark with strong volume. It is likely to retest the $ 0.51 level as support in the coming hours as the RSI dropped below the neutral 50 to show upward bear pressure.
If a breakout is seen, the $ 0.6 zone will be a target for the bulls.
Zcash (ZEC) price analysis
ZEC formed a soaring wedge and moved below the pattern, returning to the bottom in the $ 140 area. The MACD has been moving steadily lower over the past few days.
The former support level of $ 172 as resistance was retested to confirm the downside move. The $ 158 mark may delay the ZEC’s landing, but it probably won’t take long. OBV showed that sellers have actually experienced a small drop in the past few days.
Sales volume was a fraction of the upward purchase volume, but this suggests that recent sales have some legitimacy. The $ 149 level is expected to serve as support.