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On Monday, prominent privacy coins, like Zcash and Monero, experienced an upward momentum along with the overall crypto market. After last week’s dip, these privacy coins have regained their upward trajectory on the second last day of this month.
Zcash Price Gains 4%, But Still Revolves around Major Support Level
Last week, the Zcash ($ZEC) price dipped significantly. It slipped near a major support level at $210 after Bitcoin lost significant value, where the biggest cryptocurrency fell below $66,000 following geopolitical tension and a drop in inflows in exchange-traded funds (ETFs). Today, Bitcoin (BTC) reclaimed its $67,000 level.
However, this week, Zcash kicked off with a major spike on a daily chart, soaring its value from $214 to $230. At the time of writing, the $ZEC is trading at around $223 after a small dip, with a market capitalization of $3.71 billion, according to CoinMarketCap. The daily trading volume also revolves around $317.56 million with a total circulating supply of 16.6 million $ZEC tokens.
(Source: CoinMarketCap)
According to the technical analysis, if the cryptocurrency falls below $222 to $224 again, the cryptocurrency might go for a major pullback from the current trend line. On the other hand, if it manages to hold this level in the current consolidation phase, then the Zcash price might stabilize for a time and prepare for another breakout in the long term.
$ZEC is currently showing a bullish reversal pattern, where the price movement is now at around a major inflection point.
After a sweep of liquidity in the $206 to $210 zone, the cryptocurrency executed a sharp, impulsive rally. This is showing a market structure to the upside. The other major resistance is in the $230 to $232 region, where major selling pressure is emerging. This could trigger a pause in the price momentum.
$ZEC price is currently consolidating in the range of $226 to $227. This consolidation phase suggests a temporary equilibrium after the previous price movement. The crypto market is now expecting two outcomes, including a continuation of the bullish trend or a corrective pullback.
There is immediate support at around $222 to $224. The cryptocurrency must hold above this level to maintain its bullish optimism.
$ZEC is rapidly gaining the attention of those investors who seek financial privacy. Due to this, many financial experts are suggesting that the cryptocurrency might capture a major portion of the crypto market in the future, which might skyrocket its price.
Grayscale analyst Michael Zhao stated in the recent report that, “Zcash’s $ZEC token is valued at just $4 billion, or 0.3% of the Currencies Crypto Sector. If it were to capture just 5% of this market segment, its value would be 18x greater.”
Monero ($XMR) Soars above $339, Plunges After Correction
According to CoinMarketCap, Monero ($XMR) is valued at around $331.65 with a 1.21% spike, followed by a correction after reaching over $339 on March 30. At present, it holds a market capitalization of $6.11 billion with a daily trading volume of $81.19 million.
According to experts, Monero ($XMR) has completed a major phase of its market structure, and now it is setting the stage for the continuation of the upward momentum.
Monero has successfully swept liquidity from previous lows before establishing a 4-hour Order Block (OB) in the $324.9 to $332.4 range. This zone has now become a major area of institutional interest and the next major support.
Full-Chain Membership Proofs is the major upcoming upgrade. It will replace or augment fixed-size ring signatures with a proof system that uses the entire Monero ledger as the anonymity set. This upgrade is expected to increase privacy while reducing transaction size and verification time.