Zcash is up, Bitcoin, Ethereum hang on while Bytecoin, Bitcoin Cash, Stellar, NEO drop
Cryptocurrencies from Top 20 market capitalization show negative dynamics as a whole except Zcash, who is the true winner in the past 48 hours.
Zcash will be listed at Gemini exchange (the brainchild of twin Winklevoss) as the company received the appropriate approval from NYSDFS. The cryptocurrency surged significantly following this event on Monday. Gemini became the first exchange to accept Zcash as an asset for trading.
Winklevoss brothers think that Zcash is promising due to its privacy, which is the main advantage of the cryptocurrency as compared to Bitcoin. ZEC/USD’s price increased by 47 percent on Monday. The cryptocurrency still develops its progress as it added another 2.34 percent in the moment of writing.
Meanwhile, all top 20 cryptocurrencies declined. Bitcoin has lost 5.65 percent in the past 24 hours. Ethereum suffered almost the same losses as the price declined 5.22 percent in the same period. Bytecoin is the loser of the day as it declined for 11.71 percent in the past 24 hours.
The general fundamental background seems to be positive as police found nothing wrong during its investigation at Upbit exchange. It should be reminded that South Korean police had a raid at Upbit headquarters last week. This event resulted in a sharp decline of nearly $50 mln in market capitalization as investors had fears about the exchange’s activities.
The most important event currently is the Consensus 2018 Conference, which attracted not only Blockchain experts and adopters, but also some officials including the Head of St.Louis Federal Reserve James Bullard. The Conference has not been without sensations as Vitalik Buterin refused to participate there.
Those events seem to have no significant influence on fluctuations currently. However, they may affect prices later.
ZEC/USD
Zcash has reached its all-time highs on Tuesday as ZEC price almost touched the 390 level. Then, we had a correction towards the support area at 325. The volatility is still very high as many market participants are interested in this coin.
Technically, ZEC price is testing the resistance area at 366 in the moment of writing this review. Depending on the results, ZEC/USD may have the following possible scenarios:
ZEC price will break through the resistance line and go higher, establishing new all-time highs.
Zcash will start to decline towards the support area at 325. However, there are two obstacles on the way – the Ichimoku cloud’s higher border and the ascending trend line.
ZEC/USD will stay at the same levels without significant fluctuations.
As for the daily chart, ZEC/USD looks pretty good there as ZEC price has left the Ichimoku cloud with momentum and continues to rally. Zcash is above the ascending trend line but may correct towards it in the nearest future.
BTC/USD
Bitcoin jumped off its newly established support area at 8,130 and tested the resistance area at 8,366. BTC price is above the level at the moment of writing, but it is early to say whether BTC/USD has already crossed this level or not. There are no candlestick signals currently. Bitcoin price is far from the Ichimoku cloud but makes attempts to meet the indicator in the nearest future.
The possible scenarios for BTC/USD are the following:
Bitcoin will cross this $8,366 area and move further upwards to the next resistance area, which lies at $8,527.
BTC/USD will decline from the current 8,366 level towards the newly established local lows at $8,130.
The currency pair will stay close to the current level without significant changes.
Bitcoin stays within the Ichimoku cloud on the Daily chart. BTC price has almost reached the lower border of the formation and seems to have chances to change the direction.
ETH/USD
Ethereum crossed the support area at 695 today, but its further decline was limited as the price managed to make a half distance to the next support area and reversed. ETH/USD crossed the 695 resistance area from below and jumped over the line, developing progress. Ethereum is close to the lower border of the Ichimoku cloud and it seems like bulls want to test it and to go higher.
The possible scenarios for the currency pair are the following:
ETH/USD will break through the lower border of the Ichimoku cloud and move higher, towards its upper side, then test it and move towards the resistance level at 730.
Ethereum will decline towards the support area at 695 to test it. If successful, bears will have a chance to develop their progress towards the next support area at 663.
The currency pair will have no significant fluctuations and will stay close to the current levels.
ETH/USD is fluctuating above the Ichimoku cloud meaning bulls are still in control of the situation on the Daily chart. However, Ethereum stays below the ascending trend line.
BCN/USD
Bytecoin is a true “loser” of the day from the top 20 as it declined 11.71 percent in the past 24 hours. Nevertheless, bulls seem to take the initiative in their hands as the managed to move BCN/USD higher and the currency pair is above the descending local trend line currently.
Bytecoin is above the support area at 0,0100. BCN price is below the Ichimoku cloud as well. The possible scenarios for BCN/USD are the following:
The currency pair will develop its progress until the next resistance area at 0.0111 where the resistance line coincides with the lower border of the Ichimoku cloud. If bulls are able to cross them both, BCN/USD will have a chance to go towards the next resistance area at 0.0124.
Bytecoin will reach the next resistance level at 0.0111 and jump off it (or start to decline from the current levels). The next support area is 0.0100. The currency pair will meet the descending trend line there.
Bytecoin will stay close to the current levels with no significant fluctuations.
Bytecoin is above the ascending trend line as bulls are still in control of the situation. However, BCN/USD arouse the suspicions as its fluctuations currently are similar to “Pump&Dump” strategy.
Check more details on BCH/USD, XLM/USD and NEO/USD pairs HERE