- Monero bulls are focused on reclaiming the lost ground as eyes shift to $200.
- Zcash massively leads recovery among privacy-focused coins while drawing closer to the yearly high.
- Dash has reversed from the support at $100; buyers have eyes on $140 and $160, respectively.
Bitcoin’s plunge to $30,000 negatively impacted altcoins at the beginning of the week. However, privacy-oriented coins managed to reverse the trend quickly, leading to a recovery in the market. Dash is up 5% on the day, Monero 8.5%, while Zcash’s value has increased by 12%.
Monero shifts the focus to new yearly highs above $200
MXR’s recovery from the beginning of the year has recently suffered a setback on hitting a barrier at $190. This called for more sell orders, which overwhelmed the bulls, leading to losses that retested the 50 Simple Moving Average’s support, marginally above $140.
However, Monero is recovering swiftly, especially with gains overshooting $160. The path of least resistance is upwards, as emphasized by the Relative Strength Index sitting above the midline.
Simultaneously, the price is sitting above all the daily moving averages, including the 50 SMA, 100 SMA, and 200 SMA. The gap made by the 50 SMA above the other moving averages suggests that buyers have the upper hand. Trading above $180 and $190 is likely to boost Monero’s price action beyond $200.
XMR/USD daily chart
Zcash bullish price action seems unstoppable
Zcash already made a higher high at $108 before giving in to the widespread selling pressure on Monday. The privacy-focused token embraced $80 before taking on the overhead barriers at $85, $90, and $100.
At the time of writing, ZEC/USD is teetering at $102 amid a bullish building momentum. Slightly above the prevailing price level, ZEC faces resistance at $105. If the cryptocurrency slices through this subtle seller congestion zone, the leg up to $108 and perhaps stretch out past $110.
A golden cross appears to be forming on the 4-hour chart as the 100 SMA crosses above the 200 SMA. In other words, this is a bullish signal likely to sustain the bullish price action further.
ZEC/USD 4-hour chart
Dash bounces off crucial support
Dash is trading at $132 after rebounding from the confluence support at $100, as highlighted by the 100 SMA and 200 SMA. On the upside, eyes are glued on breaking the next resistance barrier at $140 before completing the mission back to $160.
The RSI has reinforced the bullish outlook as it heads to the overbought region. The midline has continued to function as the critical support since January 8. The 50 SMA has crossed above the 100 SMA and 200SMA, showing Dash is poised for new yearly highs because the least resistance path is upwards.
DASH/USD 4-hour chart
Privacy coins were charting their paths despite the snarl-ups in the market when Bitcoin plunged to $30,000. Other altcoins may follow in due time to support the possibility of an altseason.