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Zcash Sheds 14% In Last 7 Days, But Analysis Reveals Buying Opportunity

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Zcash Sheds 14% In Last 7 Days, But Analysis Reveals Buying Opportunity

Zcash (ZEC) was treading a bearish route along with other altcoins, having shaved off as much as 14% in the past week.

  • Zcash loses 14% last week but opens up an increased buying opportunity
  • Awesome Oscillators looks bullish
  • ZEC’s RSI at 42

On-chain metrics have shown a glimpse of a buying opportunity with a hint of a downtrend. Now, will the bulls pull it off and haul the price back to $66?

Zcash Fibonacci retracement levels have hovered up from $55 to $92.6, showing an 83.4% retracement level, which is close to the key support zone of $58. In June, the $55 to $58 zone emerged to be a bullish lane.

OBV Hints Increased Buying Volume

More so, the OBV is also seen to rise since July hinting at a more stable buying volume which is recognizably stronger compared to the selling pressure.

On the flip side, frequent retests of the support level seem to have weakened it. If the ZEC price dips below $58, then the coin could further slip to $55 and $52, triggering a new buying opportunity.

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Still, the momentum is geared towards the sellers with the RSI unable to offshoot the 50 zones and stay above that level.

On a 2-hour chart, Zcash appears to have dampened its strength and has weakened as seen in the past couple of weeks. The $67.3 area was bearish as seen since August. More so, the same area has been retested twice.

At this point, the AO reveals a bullish divergence. So, as the price thrusts into the support zone, the momentum is perceived to switch.

ZEC’s price is currently heading above the consolidation period while enjoying the uptrend.

Zcash Price Spikes By 1.86%

According to CoinMarketCap, ZEC’s price has surged by 1.86% or trading at $58.25 as of press time. The total market capitalization slumped by 4.62%. More so, trading volume has dipped by 39. 53%, which shows that the buyers are trying to grow their ZEC holdings.

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On the daily price chart, ZEC is seen to spike in price as it hovers near the upper trendline. In order to breach the support line, bulls must consolidate at ZEC.

On the other hand, bears can try to deter the coin’s uptick at any time with the constricted rate of accumulation.

If the bulls want to go in full force and avoid any deterrence from the bears, then they must accumulate.

Based on the daily chart, ZEC’s price is trying to maintain its momentum during the consolidation period. Technical indicators show the increased speed of ZEC’s upward trend.

ZEC’s RSI is currently 42 which is below neutral. The MACD seems to intersect with the signal lines which could signify changes in trends.

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Crypto total market cap at $938 billion on the daily chart | Source: TradingView.com    Featured image from Tino Group, Chart: TradingView.com
(The analysis represents the author's personal views and should not be construed as investment advice).

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Uniswap Rally Could Be In Jeopardy, Despite UNI’s Solid Social Engagement

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Uniswap Rally Could Be In Jeopardy, Despite UNI’s Solid Social Engagement

Uniswap (UNI) started with a bearish stride in 2022 along with Ripple and most other cryptocurrencies but it has been gaining some impressive price action as seen in the past few weeks.

  • UNI’s social engagement up by 53.62%
  • Supply of unique wallet addresses surged since September 12
  • UNI price looking bullish; up by 4.15%

According to CoinMarketCap, UNI’s price has been looking bullish and spiked by 4.15% or trading at $6.77 as of this writing.

UNI Shows Impressive Social Dominance

More so, UNI has been outperforming other cryptocurrencies when it comes to its social metrics. UNI’s social engagements have spiked by 53.62% while social mention has grown by 62.15%.

In the past couple of weeks, Uniswap is seen to gain social media dominance plus also improved in terms of development activities.

In addition, Uniswap’s weighted sentiment is positive as shown from September 28 to September 30. On the other hand, the weighted sentiment dropped immensely as witnessed on October 1.

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As a consolation, the development activity of UNI has grown rapidly since last week or September 29 and has been fairly consistent ever since.

The impressive uptick in terms of development activity is said to be triggered mainly by the network’s Swap widget update.

Chart: Santiment

These continuous advancements and upgrades are said to be hinting at a bull run and attract more investors.

On the other hand, despite the recent UNI updates, it has not helped its TVL as it has been stuck on the same level since September. The thing is, even if the whales were dubious of Uniswap’s DeFi protocols, users are gaining more interest in UNI.

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Meanwhile, the top wallet addresses were also seen to surge in terms of supply since September 12, especially since whale interest is very important for the token’s progress.

Uniswap Velocity Down In Last 7 Days

On the downside, UNI’s velocity is seen to drop in the past couple of days implying a reduced number of wallet addresses.

UNI price has dipped in the past two weeks as precipitated by the market turmoil triggered by the inflation happening around the world but it is seen to currently recover a bit.

Meanwhile, it is said to get even worse as predicted by many crypto analysts after the coin has dropped by as much as 72.56% over the past year.

UNI’s moving averages witnessed a bearish movement specifically at its 100-day EMA and SMA saw at $5.62 and $5.66; respectively.

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Its RSI is currently at 43.66 which signifies a spike in sell action and shows that investors may potentially lose more in the coming days.

With that being said, the sentiment of analysts on Uniswap is generally negative, especially with its lack of significant utility value.

UNI total market cap at $5.17 billion on the daily chart | Source: TradingView.com    Featured image from Cryptopolitan, Chart: TradingView.com

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Elrond Coin Price Seen Climbing Nearly 20% In Next Few Weeks – Here’s Why

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Elrond Coin Price Seen Climbing Nearly 20% In Next Few Weeks – Here’s Why

Elrond is currently among crypto assets that are “in the green” after enduring another trying week for cryptocurrencies.

  • Elrond currently trades at $52.44
  • Coin expected to reach $60 mark in coming weeks
  • Elrond currently 90.4% lower than its ATH

At press time, tracking from CoinGecko shows EGLD trading at $52.44. For the last seven days, its value grew by 12.3% while also tallying a 24-hour increase of 7.4%.

Its intraday trading volume is also impressive, reaching more than $71.6 million while its total market capitalization is a little north of $1.2 billion, enough to keep the coin in top 50 of all digital currencies, ranking 46th overall.

Predictions for the asset’s immediate future are rather bullish, with some hinting at a significant price boost for the next weeks to come.

Elrond Price Movement Pattern

In the crypto space, a parallel channel pattern gives multiple opportunities to traders as it shows a rally towards two trendline barriers. It is quite helpful for what is called a counter-trend move.

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While the entirety of the crypto market bore the brunt of another volatility-induced downfall, Elrond’s price was observed to lean on the aforementioned channel pattern.

Source: TradingView.com      

Under such trend, it was expected that Elrond will once again experience a severe price correction, duplicating the asset’s June low of around $38.

But that did not happen and instead, the asset traded within the narrow range of $50 to $45 before climbing to its current value.

EGLD: Price Prediction For The Coming Weeks

With the parallel channel’s two trendline barriers, Elrond is now expected to gain some steam and start a bullish run.

If the buyers are able to retest and breakthrough the $54.5 barrier, the crypto might be looking at a value increase of nearly 20% and climb all the way to the $60 level.

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This however, remains significantly lower than what Elrond was able to accomplish last year when it attained its all-time high.

It can be recalled that in November 23, 2021, the blockchain token was able to reach trading value of $545.64. With its price of $52.44, it has now lost 90.4% of its all-time high and Elrond remains a long way from it.

Meanwhile, for 2023, the digital currency is expected to grow more in terms of trading price. Elrond will start the next year with January highest price of $95.81.

By the end of next year, the asset could reclaim a portion of its all-time high with December highest price of $123.03.

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EGLD total market cap at $1.23 billion on the daily chart | Source: TradingView.com    Featured image from Zipmex, Chart: TradingView.com

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TA: Bitcoin Price Close Below $20K Could Spark Larger Degree Increase

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TA: Bitcoin Price Close Below $20K Could Spark Larger Degree Increase

Bitcoin price is slowly moving higher above $19,500 against the US Dollar. BTC could start a steady increase if there is a close above $19,600 and $20,000.

  • Bitcoin remained well bid above the $19,200 and $19,000 support levels.
  • The price is trading above $19,400 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $19,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a steady increase if there is a clear move above the $19,700 level.

Bitcoin Price Eyes Steady Increase

Bitcoin price remained strong above the $19,000 level. BTC traded as low as $18,937 and started a steady increase. There was a move above the $19,150 and $19200 levels.

The price was able to clear the 50% Fib retracement level of the downward move from the $20,177 swing high to $18,937 low. There was a also a move above the $19,500 resistance zone to move into a short-term positive zone.

Bitcoin price is now trading above $19,400 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,450 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $19,700 level. It is near the 61.8% Fib retracement level of the downward move from the $20,177 swing high to $18,937 low. The next major resistance sits near the $20,000 zone.

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Source: BTCUSD on TradingView.com

A clear move above the $20,0000 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,200 resistance zone. The next major resistance is near the $20,500 zone.

Another Decline in BTC?

If bitcoin fails to rise above the $19,700 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,400 zone.

The next major support is near the $19,000 zone. The main support is near $18,500, below which there could be a major decline. In the stated case, the price may perhaps decline towards the $17,500 support.

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Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $19,400, followed by $19,200.

Major Resistance Levels – $19,700, $20,000 and $20,500.

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