Top Crypto Losers: AB, Zcash, and Monero extend losses as crypto market faces sell-off

AB (AB) and privacy coins, including Zcash (ZEC) and Monero (XMR), are among the leading losers over the last 24 hours amid a broader sell-off in the cryptocurrency market. ZEC and XMR remain at risk of further losses as sell signals emerge in both, while the AB token could fall below its $0.00500 psychological support level. 

AB approaches key support as selling pressure mounts

AB edges lower by nearly 6% at press time on Tuesday, extending the 7% drop from the previous day. With the fifth consecutive bearish candle, the declining trend threatens the $0.005000 psychological support. 

If AB drops below $0.005000 with a decisive daily close, it could pressure the $0.004300 and $0.003800 support levels marked by the lows of May 29 and May 25, respectively. 

The momentum indicators on the daily chart flash a sell signal, as the Moving Average Convergence Divergence (MACD) extends into negative territory after crossing below its signal line on November 23. This indicates a steady rise in bearish momentum. 

At the same time, the Relative Strength Index (RSI) is down at 32 from the overbought zone on November 13, indicating a sell-side dominance. 

However, a potential rebound in AB from $0.005000 could aim for the 50-day Exponential Moving Average at $0.006617.

Zcash warns of further losses as a Death Cross pattern flashes a sell signal

Zcash dropped below $350 after a 19% loss on Monday, marking a bearish start to the week. At the time of writing, ZEC extends its decline by 3% on Tuesday, inching toward the $300 psychological support level. 

If the privacy coin drops below $300, it risks extending the decline to $187, marked by the October 17 low. 

The RSI is at 19 on the 4-hour chart, flashing oversold signals, suggesting intense selling pressure. If RSI remains oversold, ZEC could extend its decline. Additionally, the MACD and signal line continue to decline into negative territory. 

Apart from momentum indicators, the 50-period EMA crossed below the 200-period EMA on the 4-hour chart on Monday, marking a Death Cross pattern. This flashes a sell signal as the short-term bearish trend gains strength.

To reinstate a recovery, Zcash should resurface above the $400 level. In such a case, it could target the 50-period EMA at $463.

Monero could extend losses after a bull trap on Monday

Monero edges lower by over 1% at press time on Tuesday after a 6% drop on Monday, indicating a sharp increase in selling pressure. The bearish start to the week erased the 6% gains from Sunday and trapped buyers who bought the $419 breakout.

Following the bull trap, the privacy coin risks extending the decline to $372, marked by the June 3 high.

Adding to the bearishness, the RSI at 53 shows a decline in buying pressure and could signal a sell-side bias if it drops below the midline. The MACD converges with the red line as bullish momentum wanes, risking a potential crossover that would signal a rise in fresh bearish momentum.

Looking up, XMR should surpass the $442 high from Sunday, further stretching its recovery.