|

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.  

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks
The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver
Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.