• Maker looks forward to rallying to $700, especially if the ascending channel resistance is broken.
  • The 50 SMA could delay OMG Network recovery to $4.4.
  • Zcash is trading at the apex of a symmetrical triangle, likely to kick start a new uptrend.

The digital space has experienced a menacing snarl-up in recoveries this week. Moreover, many assets in the top 50 have recorded losses above 15% over the last seven days. However, some selected cryptocurrencies defied the bearish wave to lead the market in recovery. They include Maker (MKR), up 18%, OMG Network (OMG), up 23% and Zcash (ZEC) up 19%.

All three digital assets were covered during FXStreet's regular coverage. Still, as the week grinds to a halt, this article will explore the force behind the remarkable performances and whether they will continue with the uptrend in the coming week.

Maker's breakout to $700 in the offing

The decentralized finance (DeFi) token has been on an upward roll since mid-September after finding support at $440. The support played a crucial role in stopping the extended retreat from August highs at $850. Over the last two weeks, Maker has embarked on a recovery process that has seen it step above some key levels, including $480 and $560.

Meanwhile, the token is trading at $575 while dealing with the ascending parallel channel middle boundary resistance. There is plenty of room for growth, especially if this resistance is flipped into support. The Relative Strength Index (RSI) highlights the bulls' return and probably a delay in the journey to $700. A break above the zone at $600 will help shift the bulls' focus to $700.

MKR/USD 4-hour chart

MKR/USD price chart

If losses come into the picture, the channel's lower boundary will support cushion MKR from falling further. The 50 Simple Moving Average is in line to offer support if the declines progress towards $520. Other vital levels to keep in mind include the 100 SMA (slightly above $500) in the 4-hour timeframe, $480, and $400.

IntoTheBlock's "Daily Active Addresses" metric highlights an increase in the number of new addresses joining the network over the last few days. For instance, addresses have shot up from 133 on September 27 to 993 by October 2. If the metric continues to record a spike in the coming days, it will be considered a significant bullish sign for MKR.

Maker new addresses chart

MKR/USD price chart

OMG Network facing challenges towards $4.4

After an impressive 23% rally in the last seven days, OMG is trading at $3.8. On the downside, immediate support has been embraced at $3.7. Besides, the ascending channel support is providing anchorage to an ongoing bullish action. The RSI is closing in on the midline, although gradually. All the same, the trend indicator highlights a growing bullish grip.

On the upside, resistance is anticipated at the 50 SMA in the 1-hour timeframe. A close above this level would give OMG/USD a boost above the channel resistance, which could start recovery to $4.4.

OMG/USD hourly chart

OMG/USD price chart

IntoTheBlock's IOMAP model suggests robust resistance towards $4.4. The biggest hurdle lies between $3.9 and $4. Previously, 1,700 addresses bought 7.6 million OMG. The selling pressure in this zone seems strong enough to absorb the buying pressure, thereby delaying recovery to $4.4. On the flip side, the immediate support lies between $3.4 and $3.5. Here 1,600 addresses previously purchased 5.75 million OMG.


OMG/USD price chart

 Zcash consolidates ahead of a breakout

The last seven days have been incredible for Zcash after recovery from support at $50. However, the bullish action hit pause at $68, paving the way for losses under $6. At the moment, short term support at $58 has contributed to gains back into the $ 60's range. Meanwhile, the privacy-oriented token is teetering at $63 amid short term consolidation within a symmetrical triangle. The RSI highlights the sideways trading as it levels at the midline.

ZEC/USD 1-hour chart

ZEC/USD price chart

At the same time, ZEC is trading between the 50 SMA resistance and 100 SMA support in the hourly range. A breakout above the triangle could open the road for a close above the 50 SMA and gains towards $70. On the flip side, the 100 SMA is in line to offer initial support if losses take precedence in the coming sessions.

Zcash social volume chart

ZEC/USD price chart

According to Santiment, a leading provider of on-chain data, Zcash's social volume has gone down significantly following a spike on September 30. The decrease in social volume is reminiscent of the consolidation and the declining volume. A breakout from the symmetrical triangle could coincide with a return in social volume and, eventually, a price growth.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

ApeCoin price edges near a critical level, is the uptrend genuine?

ApeCoin price edges near a critical level, is the uptrend genuine?

ApeCoin price shows compression of two Simple Moving Averages as price consolidates. APE price shows bullish re-entrance on the Volume Profile pattern, but traders should steer away from being early buyers. Invalidation of the bear trend remains at $6.15.

More ApeCoin news

All you need to know about Cardano’s Vasil hard fork and how ADA price will react

All you need to know about Cardano’s Vasil hard fork and how ADA price will react

Cardano price seems to be preparing for massive gains as Vasil hard fork takes one step closer to becoming a reality. In a recent Twitter thread, IOHK, the developers behind Cardano announced the launch of Cardano node 1.35.0 on June 25.

More Cardano News

What’s next for Polygon’s MATIC price after rallying 90%

What’s next for Polygon’s MATIC price after rallying 90%

Polygon’s MATIC price coils just below a triangular barrier that sent the digital asset into the low $0.30 zone during the third week of June. Since the low of $0.316, the bulls have managed to recover 90% of losses, trotting impulsively through the $0.30, $0.40, and $0.50 levels. 

More Polygon news

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price has investors enthralled as the LUNA price has suddenly risen from the shackles it has been held captive by. Throughout the entire third week of June, the bulls saw no hope as the LUNA price traded tortoise-like just below the $2.00 barrier. 

More Terra news

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis