The crypto market appears to be going through a correction phase after the recent price surge for the Bitcoin. It should be recalled that the price of Bitcoin surged above the $8,000 price position. However, in comparison to BTC, will other privacy coins like Zcash and Monero fare better? Is the coin still in line with Zcash price prediction 2019? With the help of technical indicators including support, and resistance levels as well as moving averages, we were able to analyze the outlook for the price of ZCash and Monero.
Let’s see how the price of both cryptos fared.
Monero Price Prediction: How the Price of Monero Fared – XMR/USD Live Price
Via the 1-day chart, the price of Monero consolidated from Apr. 3 to May 10. During that period, Monero was trading in support and resistance positions between $73 and $62.
After the price of Monero broke from that range, it moved to the next resistance at $78.6. Then, it went up by 20% to try to break the $94 position but retraced to $78.6.
Now that the price of Monero is sitting at support, we can expect a rebound this position back to resistance. If this privacy coin isn’t able to gather enough bullish sentiment to bounce off it could fall to the next support positions.
Via the 4-hour chart, the recent drop in the price of Monero was caused by the break above the 7 MA. The 30 MA couldn’t hold ZCash from falling further. Breaking below the 50 MA could make Monero test the 100 or 200 MA, at $74.5 and $71.5.
Via the upside, the price of Monero could find it difficult to break above $84. However, if it can move above this position, it could attempt to retest the $94 position.
Zcash Price Prediction 2019: How the Price of ZCash Fared – ZEC/USD Live Price
$61 has been a key support position for the price of ZCash. This level managed to hold its market value for nearly a month until ZEC gained bullish momentum and gained 28%. After reaching the $78 resistance position, a bearish spinning candle formed which predicted a pullback, and influenced a retrace to $68 via the 1-day chart.
If $68 can hold, it has the potential to trigger a rebound to $78 or higher. A break under this zone could take the price of ZCash further down.
Via the 4-hour chart, the price of ZCash has been held by the 30-moving average from descending. A bullish engulfing candle has formed around the area predicting that ZCash may be on course to bounce.
If the price of ZCash can trade over the 7 MA, then it could try to test $78. However, if there’s not enough buying pressure and Zcash price breaks under the 30 MA, it may find support at the 50 MA.
The Price of ZCash and the Rest of the Altcoin Market is Positive
Overall, the price of ZCash and a host of other privacy coins are set to perform better than the Bitcoin. Although, it must be pointed out that there are speculations regarding whether ZCash is sustainable in the long run. However, the overall market sentiment remains positive as of May 18 and it may remain this way for the foreseeable future. It recommended that investors stack up Zcash as the price is ideal for shorter durations.