Top 3 gainers of the week Polkadot, Zcash, HedgeTrade: Altcoins defy Bitcoin’s swings, going ballistic


  • Polkadot technical levels are healthy despite rallying to a new all-time high at $15.5.
  • HedgeTrade is on the verge of freefall to $1, mostly if the support at 42 is shattered.
  • Zcash led the recovery among privacy-oriented coins this week, with gains hitting 50%.

The week started with the cryptocurrency market, mostly in shambles. Losses spread far and wide with Bitcoin, tumbling nearly 30% from $40,000 to $30,000. Most cryptoassets could not resist the BTC’s ‘gravitational’ pull, whereby declines were recorded in massive double-digit figures.

However, some selected altcoins ignored the downward pull, consistently rallying to post new yearly price levels. For instance, HedgeTrade launched to the moon with gains exceeding 260%. Similarly, Polkadot (DOT) grew by 56%, trading a new all-time high, while Zcash (ZEC) is exchanging hands 50% higher.

HedgeTrade stalls after a majestic spike to $2.8

HedgeTrade emerged as the biggest winner this week after breaking out of a descending parallel. Various resistance zones were broken, including the 50 Simple Moving Average, the SMA, and the SMA on the daily chart.

Following the massive liftoff, HEDG stalled before hitting $3 but traded a new yearly high at $2.8. A correction from the recent high is underway at the time of writing. The bulls’ priority is to hold above $2. This way, they can avert potential losses to the tentative support at $1.4 and the 200 SMA support near $1.

HEDG/USD daily chart

HEDG/USD daily chart

Although the cryptoasset is overbought at the time of writing, holding above $2 could sustain the uptrend in the coming days. Higher support will also give the bulls ample time to increase their position in anticipation of a rally to above $3.

Polkadot bullish outlook intact

DOT/USD soared to new all-time highs around $15.5 this week after bouncing off support at $7. The spike to these incredible levels occurred within the confines of an ascending parallel channel. Meanwhile, the token is trading at $14.9 amid the bulls’ push for gains above $16.

The Relative Strength Index suggests the DOT Polkadot is firmly in the bulls’ hands as it returns into the overbought region. The middle boundary limits the immediate upside. However, DOT could spike to a new all-time high if the seller congestion is dispersed.

DOT/USD 4-hour chart

DOT/USD 4-hour chart

On the downside, a correction from the current price level may try to seek support at the channel’s lower boundary. If losses overshoot this zone, Polkadot is likely to tumble to $12. Other key support levels to keep in mind are the 50 SMA and the 100 SMA, around $10.

Zcash price action leads the way for privacy coins

Privacy-focused coins have generally performed well this week. However, Zcash emerged top performer in this segment. From the robust support provided by the 50 SMA and 100 SMA on the 4-hour chart, ZEC rallied to price levels above $120.

 At the time of writing, Zcash is trading at $105 after correcting the 50 SMA support. A bull flag on the 4-hour chart hints at a possible recovery to highs beyond $120 in the near term. The bullish narrative has been validated by the RSI’s motion toward the overbought region.

ZEC/USD chart

ZEC/USD 4-hour chart

In the event, the bull flag is ignored, and another correction comes into the picture. We can expect Zcash to retest the support at $100. Losses are likely to extend to the 50 SMA, where a rebound is expected.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

GRT risks freefall under $1 amid broad-based crypto declines

The Graph is teetering at $1.73 after its uptrend ran into a barrier around $2.9. Declines have been consistent within the confines of a descending parallel channel. Losing the middle boundary support has left GRT bears with open-air to explore.

More Graph News

LINK bulls flee as broadening wedge pattern hints at a 50% drop

Chainlink price nears the end of an ascending broadening wedge pattern that forecasts a 50% drop. Transactional data shows that $17.8 could be an inflection point. If LINK price slices through this support, then a drop to $13 seems likely.

More Chainlink News

XLM poised for massive 27% breakdown, as the technical picture worsens

Stellar has recently been rejected from the yearly high of $0.61. Bulls tried their best to secure higher support but failed in that task. XLM continues with the breakdown below a descending trendline that seems to have confirmed a triangle pattern on the 4-hour chart. 

More Stellar Lumens News

DOGE in trouble as multiple technical indicators scream sell

Dogecoin price hints at a 75% upswing as the bull flag pattern develops. A decisive close above $0.058 would indicate a start of a bullish breakout. Mounting selling pressure could invalidate crucial support at $0.047 and push it down by 20% to $0.037.

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP