Given the mother rational function, $f(x)=\frac{1}{x}$, prove algebraically that $f(x)$ can never cross its horizontal asymptote.
My approach:
$f(x)=\frac{1}{x}$, $x\longrightarrow\pm\infty$, $f(x)\longrightarrow0$
$0=\frac{1}{x}$
$0=1\longrightarrow$which is not true, meaning it cannot pass it?
I am not really sure if my approach is correct, but it will be interesting to see what others think about this.

In my opinion, your proof is clear enough to be understood by the average reader. However, it is very terse and depending on what you are writing the proof for, you may need to be more clear. Here is a more elaborate formulation of your proof:
Claim: Given a function $f$ such that $f(x) = \frac{1}{x}$, prove that the curve of $f$ does not intersect its horizontal asymptote.
Proof: The function $g$ of the horizontal asymptote of the curve of $f$ is given by: $$ g(x) = \lim_{x\to\pm\infty}f(x) = \lim_{x\to\pm\infty}\frac{1}{x} = 0 $$
To demonstrate that the curve of $f$ does not intersect its horizontal asymptote, we must show that $f(x) \neq g(x) \space \forall x \in \mathbb{R}$. $$ f(x) = g(x) \implies \frac{1}{x} = 0 \implies 1 = 0x = 0 $$ Since $1 \neq 0$, we have proven by contradiction that $f(x) \neq g(x)$, and hence that the curve of $f$ does not intersect its horizontal asymptote.
Q.E.D.