- The entire cryptocurrency market lost more than $100 billion in market capitalization.
- Privacy coins didn’t survive either losing more than 10% of their value within the past 24 hours.
Monero price is down by 10% following Bitcoin’s bearish rally. Similarly, Dash and Zcash also lost around 10% of their price in the past 24 hours and have established short-term downtrends.
Monero price can quickly fall towards $120
On the 3-day chart, Monero was trading inside an ascending parallel channel but the bears managed to push the digital asset below a crucial support level at $150 with a price target of $120.
XMR/USD 3-day chart
The only hope for the bulls is a re-test of the previous support level at $147 if they can defend $130 psychological level. Additionally, the 100-SMA support level at $136 on the daily chart could also serve as a rebound point if bulls can push Monero price above it for a close.
XMR/USD daily chart
Dash price could temporarily jump higher as indicator flashes buy signals
On the 6-hour chart, the TD Sequential indicator has just presented a buy signal and seems to be on the verge of doing the same on the 3-hour chart. The digital asset is down by 15% in the past 24 hours which means a rebound is very likely to happen in the short-term.
DASH buy signals
The In/Out of the Money Around Price (IOMAP) chart seems to give credence to this theory as it shows weaker resistance on the way up compared to the support below. A breakout above the area between $104 and $107 could push DASH towards $120.
DASH IOMAP chart
However, the IOMAP model also shows that the strongest support area is located between $88 and $92, which means that losing the $100 psychological level could drive its price down to $88.
Zcash also looking for a rebound in the short-term
On the 2-hour chart and the 6-hour chart, the TD Sequential indicator has presented two buy signals. On the 3-hour chart, it’s about to do the same giving a lot of credence to all signals.
ZEC buy signals
We could see a small rebound towards $90 and $100 as there is very little resistance on the way up. However, the entire crypto market has turned extremely bearish and Zcash also has weak support on the way down.
ZEC/USD daily chart
On the daily chart, it seems that the nearest support level is located at $75 which is the 50-SMA and $70 which is the 100-SMA support level.
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