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 price

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 price

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 price

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 price

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. 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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin is a security and will be regulated, says Jim Cramer

The host of Mad Money, a CNBC show, issued a warning to Dogecoin holders. Cramer believes that Dogecoin is a security and it will be regulated soon. Analysts believe that the Dogecoin price could start an uptrend. 

More Dogecoin News

Shiba Inu price set to crash by 70% as critical support weakens

Shiba Inu (SHIB) price continues to be controlled by bears after the dead-cat bounce in stock markets yesterday evening. With the Nasdaq closing sharply lower, giving up earlier gains, cryptocurrencies are being dragged into a selloff on its coattails, and bearish headwinds  persist.

More Shiba Inu News

Chainlink price at make-or-break point while global markets tumble

Chainlink price has seen a massive collapse over the past five days, resulting in a retest of a crucial barrier. This downswing is not localized to the crypto markets and seems to originate on Wall Street after the Fed tightens the interest rates.

More Chainlink News

Bitcoin Weekly Forecast: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

More Bitcoin News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP