fxs_header_sponsor_anchor

Privacy coins Monero and Zcash bound for higher highs after holding above crucial support

  • Monero and Zcash have been trading inside massive uptrends since March 2020.
  • Both cryptocurrencies have just defended crucial support levels and aim to resume uptrends.
  • In the past week, privacy coins have been underperforming in comparison to others.

Monero price had a massive 50% spike at the beginning of 2021 but plummeted shortly after hitting a low of $121.8 on January 22. Zcash, on the other hand, had an even stronger pump of 122% and continues to trade 70% higher than at the start of January. 

Monero price defends crucial support level and aims for $170

On the 3-day chart, Monero price has just defended the 50-SMA three days in a row, a support level that has served as a strong fundamental pillar since April 2020. The next resistance level that bulls need to crack is the 18-SMA at $149 to see higher highs.

XMR/USD 3-day chart

This resistance level coincides with the upper trendline of an ascending wedge pattern on the 4-hour chart. A breakout above this point has a price target of $170, using the height of the pattern as a reference.

XMR/USD 4-hour chart

However, a rejection from this resistance level can push Monero price down to the lower trendline at $140 in the short-term.

Zcash price rebounds from crucial support level towards $120

Zcash price already climbed above the 18-SMA on the 3-day chart and rebounded from this level, climbing 21% in the past week from a low of $77 to a high of $93.4. 

ZEC/USD 3-day chart

Zcash price had a significant breakout from a descending triangle pattern on the 4-hour chart, with a 34% price target towards $120. However, it’s important to note that after such a breakout, assets tend to drop to the previous resistance trendline to re-test it.

ZEC/USD 4-hour chart 

The previous descending triangle resistance trendline is located at $86, which means that Zcash price could fall towards this level first before another leg up above $93.  

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.