Cardano, Zcash, BitTorrent Price Analysis: 21 October

Cardano, Zcash, BitTorrent Price Analysis: 21 October

October 22, 2020

Barring a few digital assets such as Zcash that continued to remain bearish, a swirl of bullish momentum was witnessed in the rest of the crypto market.

Towards the end of the day, Bitcoin too gained over 3% since yesterday. Noting some losses in Zcash, impressive bullish sentiments were visible on the trading charts of Cardano and BitTorrent.

Cardano [ADA]

Source: ADA/USD on TradingView

A pullback from the trendline or $0.1007 level of support could potentially solidify Cardano’s price recovery. The digital asset up by almost a percent since yesterday at press time traded for $0.104.

MACD continued to be in bullish territory, the minor dip recently, could continue if bulls fail to maintain a buying momentum.

The Aroon indicator also continued to depict a sentiment of buying pressure, however, the buy signal wasn’t strong enough. If bulls manage to stay in control, ADA might display a rise above its resistance at $0.104 in the coming days.

Zcash [ZEC]

Source: ZEC/USD on TradingView

For Zcash a break below its current support level at $60.163 may potentially cause the cryptocurrency to fall back into its recent sell-off, which wiped off almost 8% of the price value for ZEC in the last 48 hours.

However, a price recovery for the digital asset seemed to be around the corner. Chaikin Money Flow indicator rose above the zero level, indicating that capital inflows were higher than outflows, a sign of buying pressure.

Relative Strength Index, also witnessed a rise in its levels, just above the neutral zone at 55. A bullish revival could soon be validated if ZEC bulls manage to keep prices above a crucial pivot level at $61.90 level for the next few days.

BitTorrent [BTT]

Source: BTT/USD on TradingView

BitTorrent at the time of writing was trading at $0.00033. The Awesome Oscillator making a bullish zero-line crossover signaled towards a short-term buying pressure for the digital asset.

This essentially indicated that the bulls have been strongly pushing the price above its immediate support level. The dotted lines of the Parabolic SAR below the candles also supported a potential upward price movement.

Retesting the current support level, however, might hint towards a trend reversal, and reduce the probability of a further price rise. But, with a 2% gain since yesterday and an upward price trend, an immediate reversal remains an unlikely scenario for the BTT market.

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