The Bitcoin price bear market has been reignited trimming the gains accrued during the first week of November. The larger market is has mixed red and green signals. For instance, among the top ten digital assets, Litecoin (LTC) and IOTA (MIOTA) are trading in the green, However, the other assets led by the King himself, Bitcoin (BTC) are trading in the red with declines ranging from 0.5% to $1.5%. However, selected altcoins show gains on Tuesday 13. In this article we will dive into the analysis of XRP (XRP), NEM (XEM) and Zcash (ZEC).
XRP has in the recent few months become the darling of the cryptocurrency market especially when it comes to the larger digital assets. The asset has proved its prowess in staging sole recovery missions breaking key resistance zones and defending vital support areas. XRP has threatened Ethereum (ETH)’s second position twice in two months. The investors sentiments towards this token keep changing following the network’s commitment to bringing real-world solutions in the global financial system.
Meanwhile, XRP is trading at $0.52 and is up 2.11% in the last 24 hours. The drop last week saw the crypto break the support $0.5. Fortunately, the buyers put their best foot forwards stopping declines beyond $0.49. XRP consolidated the declines in a bear range with an upside limit at $0.512. The trading saw great stability with XRP remaining range-bound. However, the price spiked again yesterday breaking out the bear range.
The upside touched $0.53 before correcting lower. The 100 SMA (15-minutes) anchored the price leading to a bounced above $0.52. XRP/USD is trading at $0.5246 and the signals are positive. The MACD has crossed into the positive region (buy signal) while the stochastic is ranging lose to the start of the overbough region (another buy signal).
On the upside, XRP is likely to break above the resistance at $0.53 and start another bullish journey towards $0.55. On flipside, the 61.8% Fib level is the immediate support. Another support is highlighted by the 100 SMA in collaboration with the 38.2% Fib level.
NEM price has been flying the bull flag high up in the cryptocurrency ecosystem. At the time of wring, NEM is the only double digit gainer among the top 20 cryptocurrencies. XEM/USD is up 24% on Tuesday, although the asset value has retraced from a high of $0.1316. The zoomed out of the bear range yesterday and cleared the 100 SMA resistance. This triggered another incredible upside move in several engulfing candles.
There is a contracting tringle on the 15-minutes that is heading towards a breakout in the short-term. This breakout will resume the uptrend and pull the price above the resistance at $0.13, besides the buyers have eyes on $0.15. In addition to that, the signals from the indicator applied to chart send bullish signals. The MACD is a viable buy signal at 0.002 while the stochastic has changed the direction upwards at 60 percent.
The privacy focused Zcash (ZEC) is currently riding on the notion Coinbase will soon add it alongside Cardano (ADA) and Stellar (XLM) as a tradable instrument. Zcash is trading in the positive today with a 6.5% rise in a period spanning 24 hours. The asset value has skyrocketed following investor speculation.
Prior to the bullish move, ZEC/USD had found balance at $124. The price retraced higher on Monday 12 in a couple of green engulfing candles that tested $138 to the upside. A correction from the highs has been protected at $132 with the crypto currently trading at $136.58. The hurdle at $138 is also a breakout point that will see the price make it above $140 and project further above $150.
The ongoing bullish trend is support by positive signals from the indicators applied on the chart. Zcash will find a support at $132 and $124 in the event the trend reverses.