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Tron’s breakout from an ascending triangle was stymied by the $0.12 resistance level. Algorand’s bearish technicals were expected to exceed the market’s bullish signals, while Hedera Hashgraph was expected to trade sideways in the coming sessions.
Meanwhile, the price of Bitcoin was $60,309, with a market capitalisation of $1.1 trillion.
On the 4-hour timeline, Tron broke out of a descending channel, but support at $0.12 limited market gains. Since then, the market has jumped sideways and has stuck within a narrow $0.125-$0.114 channel.
TRX reversed its course after creating a local peak at $0.149, causing the RSI to reveal a bearish divergence. The RSI was pointing north from 50 at the time of publication, indicating a bullish influence. The Awesome Oscillator showed a single green bar, but more momentum was needed for an upswing. In the event of a switch to the north, resistance thresholds are located at $0.125 and $0.132.
The area between $1.44 and $1.24 in Algorand represented a fierce fight for dominance between buyers and sellers. This field saw a breakdown in late February, but that was when Bitcoin retraced from $58,000. With Bitcoin’s current price back over $60k, a breakout in the opposite direction for ALGO could occur shortly.
A break over the $1.44-resistance level will certainly push the market up to the next ceiling at $1.599. A bearish variance on the RSI, on the other hand, operated against a positive result. The MACD also showed lower highs, and its histogram showed a decline in bullish momentum. If the wider market did show signs of strength, ALGO’s technicals were supposed to take priority in terms of its short-term trajectory.
Hedera Hashgraph [HBAR]
Over the last 24 hours, bearish momentum pulled HBAR lower on the charts, but the bulls kept on to $0.329 support. A drop below this amount will highlight another area of surppot at $0.28 – an area that has previously seen purchase.
An ADX reading of 19 did not bode well for the bulls. In reality, it pointed south and hinted at future restructuring. The course of the OBV also did not support an imminent breakout. When the price does begin to rise, resistance can be seen at $0.403 and $0.437.