3 Altcoins Defying The Bearish Crypto Market

Published on:


Shiba Inu (SHIB) and Zcash (ZEC) are recovering after sharp sell-offs last week. XRP is approaching a long-term resistance area.

The crypto market had a bearish performance last week, a trend that continued into the weekend. However, these three cryptocurrencies bucked the trend and posted decisively positive performances, being labeled as the weekend’s crypto winners.

Shiba Inu (SHIB) Recovery Leads Crypto Weekend Winners

The SHIB price broke down from a symmetrical triangle on June 5. The breakdown was an important event since the pattern had previously been in place for 350 days. Breakdowns from such long-term structures usually lead to significant downward movements.

While the price fell to a low of $0.000000540 on June 10, it bounced immediately afterward and created a long lower wick. This is considered a sign of buying pressure since sellers could not push the price down. Rather, buyers took control and caused a significant pump.

SHIB/USDT Daily Chart. Source: TradingView

Despite the increase, the SHIB price still trades below the $0.00000800 horizontal area, which previously acted as support. The area is now expected to provide resistance

. Whether SHIB breaks out above it or gets rejected will likely determine the trend’s direction. A reclaim could increase the resistance line at $0.0000125, while a rejection will likely cause a drop to $0.00000400.

Zcash (ZEC) Surges Towards Resistance

The ZEC price has increased since a massive fall on June 10 led to a low of $21.70. The bounce created a long lower wick.

Currently, the ZEC price is approaching a descending resistance line in place since the end of May. Additionally, the line coincides with the 0.382 Fib retracement resistance level at $26.60. Therefore, whether the price breaks out or down from it will likely determine the future trend.

Zcash (ZEC) Recovery
ZEC/USDT Daily Chart. Source: TradingView

A breakout will likely lead to a move to $29, while a rejection could lead to a drop to $21.60 and possibly lower.

Will XRP Make Another Breakout Attempt?

The XRP price has fallen since reaching a high of $0.56 on June 13. The high was crucial since it seemingly caused a breakout from the $0.54 resistance area. However, the price failed to sustain its increase and created a long upper wick, considered a sign of selling pressure.

The wave count provides a bearish outlook. Both previous increases look like A-B-C corrective structures (white) while the decrease that started in March (black) looks corrective. As a result, the XRP price will likely decrease to the $0.38 level.

XRP Price Count
XRP/USDT Daily Chart. Source: TradingView

Despite this bearish XRP price prediction, an increase above the $0.56 high will mean that the trend is still bullish. In that case, the XRP price could increase to $0.65.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.



Source link

Related