Top Crypto Gainers: ZEC, PUMP, ATH start the week strong with double-digit gains
|- Zcash hits a new annual high with bulls eyeing further gains.
- Pump.fun bounces off $0.005000 psychological support, targeting a key resistance.
- Aethir recovers within a consolidation range as momentum remains indecisive.
Zcash (ZEC), Pump.fun (PUMP), and Aethir (ATH) emerge as top performers over the last 24 hours by posting double-digit gains. ZEC, PUMP, and ATH position for further gains as the broader market recovery gains momentum amid increased interest from traders.
Open Interest surge points to risk-on sentiment
CoinGlass data shows a significant increase in Open Interest of Zcash, Pump.fun, and Aethir over the last 24 hours, indicating a risk-on sentiment among traders. The OI of ZEC, PUMP, and ATH has increased by 44%, 9% and 16% in the last 24 hours, reaching $26.24 million, $675.17 million, and $127.94 million, respectively.
Derivatives data. Source: CoinGlass
Zcash leads the crypto market recovery
Zcash edges higher by 8% at press time on Monday, advancing on the nearly 10% gains from the previous day. The uptrend in this privacy coin has reached an annual high and surpassed the 78.6% Fibonacci retracement level at $61.01, which is drawn from the $74.59 close of December 2 to the $29.17 close from March 10.
If ZEC marks a decisive close above this level, the rally could extend to the $74.59 peak.
The Relative Strength Index (RSI) currently reads 72 on the daily chart, indicating an entry into the overbought zone. Furthermore, the Moving Average Convergence Divergence (MACD) indicates a positive trend, with its signal line suggesting an increase in bullish momentum.
ZEC/USDT daily price chart.
On the flip side, if ZEC fails to hold above $61.01, it could extend the decline to the $52.11 support level, aligning with the 61.8% Fibonacci retracement level.
PUMP recovery faces key resistance
PUMP ticks down by 5% at press time on Monday, following the 15% jump on Sunday. The launchpad token marks a bounce back after a short consolidation above the $0.005000 psychological milestone on the 4-hour chart.
The recovery run faces resistance in reaching the $0.006162 level. Still, if the uptrend continues with a clean push above this level, PUMP could reach the $0.006788 level, last visited on September 21.
The RSI at 58 crosses above its halfway line, indicating a sudden spark in buying pressure. Furthermore, the MACD and its signal line maintain a steady uptrend, approaching the zero line.
PUMP/USDT daily price chart.
Looking down, if the intraday loss extends, PUMP could retest the $0.005000 psychological level.
Aethir takes a bullish shift from a consolidation
Aethir holds steady at the time of writing on Monday, following the 11% gains from Sunday. The recovery run in ATH targets the 78.6% Fibonacci retracement level at $0.06983, retraced from the $0.09326 high of December 12 to the $0.02413 low from April 7.
If Aethir surpasses this key resistance, it could reach the $0.09326 peak.
The momentum indicators on the same chart remain indecisive as the RSI steps below from the overbought zone to 63, maintaining a sideways shift. Additionally, the MACD holds near its signal line following a crossover on Tuesday.
ATH/USDT daily price chart.
On the downside, the 61.8% Fibonacci retracement level at $0.05565 remains a crucial support level.
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.