Date: Tue, Nov 26, 2024, 07:21 AM GMT
The cryptocurrency market has seen fresh rallies across various narratives like AI, gaming, and metaverse tokens. Amidst this, privacy tokens Monero (XMR) and Zcash (ZEC) are beginning to capture attention. While these tokens haven’t yet joined the broader market rally in full force, their charts reveal potential for significant breakouts.
Monero (XMR):
XMR is currently trading at $158 and has been trading within a large ascending channel on the weekly timeframe, showing a long-term bullish structure. Currently, the price is consolidating near a horizontal resistance zone at $180, with the key focus on a potential breakout.
If XMR makes a breakout above the wedge line (marked in red), this could confirm a bullish continuation, pushing prices toward higher targets around $200 and eventually $300 within the broader channel.
The RSI on the weekly chart is near neutral territory (52), signaling room for upward momentum. Traders should watch the wedge line closely for a decisive move.
Zcash (ZEC):
ZEC is currently trading at $48 and consolidating within a critical resistance zone between $43 and $57, which has capped its price for several months. A breakout above this range could mark the beginning of a significant bullish rally.
If ZEC manages to push through this resistance zone, it could target levels around $80 and potentially $100, aligning with previous key price levels.
The RSI on the daily chart is currently at 61, indicating a slight bullish tilt. This consolidation phase provides traders with a clear range to monitor for a breakout signal.
Conclusion
Both Monero and Zcash are approaching pivotal technical levels, hinting at potential breakouts in the near future. With their historical use cases in privacy-focused transactions and a long-term bullish structure, these tokens are well-positioned for a potential rally.
As always, traders should monitor these levels closely and factor in broader market sentiment before making decisions.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.