Relative to BTC, will privacy coins fare any better? Using two indicators-support resistance levels and moving averages-it is possible to assess the outlook for Monero, Zcash, Verge, Komodo, and Grin.Indicators.
According to Investopedia, these are defined as a series of predetermined "Price levels on charts that tend to act as barriers, preventing the price of an asset from getting pushed in a certain direction."
Conversely, resistance points contain the price of an asset from continuing to ascend during an uptrend because these can be seen as profit taking levels where the volume of sell orders are high.
If this privacy coin is not able to gain enough bullish momentum to bounce off it could continue to fall down to the next support levels.
The $61 support level has been a key support point for ZCash.
If the $68 support level is able to hold, it could trigger a rebound to the $78 resistance level or even higher.
If there is not enough buy pressure and ZEC breaks below the 30 MA it could find some level of support around the 50 MA.Verge.
If XVG's market valuation continues to deflate it could try to test the $0.0084 support level.
Komodo has been trading between the $1.22 resistance level and the $1 support level for over a month.
On the 4-hour chart, it can be seen how the 30 moving average is the last barrier grin has before a drop down to the $1.88 support level.
Will privacy coins beat Bitcoin? Analysis of Monero, Zcash, Verge, Komodo, and Grin
gepubliceerd op May 18, 2019
by Cryptoslate | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.