Bitcoin was trading beneath its support zone at $11,400 while Ethereum also dipped to support at $371. The weak performance of these giants prompted other coins to follow suit. Zcash and EOS have also been caught in a downtrend and showed no signals of reversing the trend. Algorand showed a possible bull pattern but it was invalidated, and at the time of writing ALGO appeared to be in a consolidation phase.
Algorand [ALGO]
Source: ALGO/USDT on TradingView
Algorand was ranked 39 with a marketcap of $428 million. ALGO formed a potential bull flag, from which it looked to have broken out, but the pattern was invalidated on August 25 when the price dipped. Price further dropped to test support at $0.54, where it was trading at press time.
RSI showed a value of 43, which indicated slight bearishness. The way the RSI has been breaking above and below the 50 line mark on RSI indicator showed it looked to be bound within the range from $0.54 to $0.66.
This could be a consolidation phase for ALGO after its strong move up.
EOS
Source: EOS/USDT on TradingView
EOS faced resistance around $3.35, and its support lies at $3.05 and $2.78. After surging to $3.8, EOS has been unable to hold on to its gains.
On Balance Volume showed lower highs and lower lows. This indicated that the downtrend for EOS is set to continue. EOS could drop to $2.78 or further lower.
Zcash [ZEC]
Source: ZEC/USDT on TradingView
Zcash has been setting lower highs since the local top near $100, and attempts upward have so far been thwarted.
At press time, CMF showed +0.03, which suggested that buying and selling has been pretty even, though price is so close to support where buying usually dominates.
50 EMA (yellow) crossed beneath 100 EMA (pink) in the past few days, indicating price has been dropping and would likely continue to do so.ZEC has also failed to break resistance at $80. It looked like ZEC is set to drop beneath $72 to trade in the $63 zone.
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