- Polkadot’s tech level is healthy, although it hit a new all-time high at $ 15.5.
- HedgeTrade is about to free fall to $ 1, especially if the 42 support is broken.
- Zcash led the privacy-conscious coins rebound this week with a 50% gain.
The week started with the cryptocurrency market, mostly in ruins. With Bitcoin, losses spread far and wide, falling nearly 30% from $ 40,000 to $ 30,000. Most cryptoassets could not resist the “pull” of BTC, with declines in massive double-digit numbers.
However, some select altcoins ignored the downtrend and consistently rebounded to hit new annual price levels. For example, HedgeTrade started with a profit of more than 260% to the moon. Similarly, Polkadot (DOT) grew 56% and traded a new all-time high, while Zcash (ZEC) is 50% higher switching hands.
HedgeTrade stalls after a majestic surge to $ 2.8
HedgeTrade became the biggest winner this week after breaking out of a descending parallel. Various resistance zones were broken, including the 50 Simple Moving Average, the SMA and the SMA on the daily chart.
After the massive start, HEDG stalled before hitting $ 3 but was trading a new year high of $ 2.8. A correction from the recent high is underway at the time of writing. The bulls’ priority is to stay above $ 2. That way, they can avert potential losses to the $ 1.4 preliminary support and the $ 1 200 SMA support.
HEDG / USD daily chart
Although the Cryptoasset is overbought at the time of writing, a hold above $ 2 could sustain the uptrend in the coming days. Higher support also gives bulls enough time to increase their position above $ 3 in anticipation of a rally.
Polkadot bullish outlook intact
DOT / USD rose to new all-time highs of $ 15.5 this week after the support at $ 7 fell. The peak to these incredible levels occurred within the confines of an ascending parallel channel. Meanwhile, the token is trading at $ 14.9 as the bulls push for gains above $ 16.
The Relative Strength Index suggests that the DOT Polkadot will be firmly in the hands of the bulls when it returns to the overbought region. The middle limit limits the immediate upward trend. However, DOT could hit a new all-time high if the seller’s congestion is dispersed.
DOT / USD 4 hour chart
On the other hand, a correction in the current price level could attempt to seek support at the lower limit of the channel. If losses cross this zone, Polkadot is likely to drop to $ 12. Other important levels of support are the 50 SMA and the 100 SMA, around $ 10.
Zcash price campaign is groundbreaking for privacy coins
Privacy-conscious coins have generally done well this week. However, Zcash has proven to be a top performer in this segment. With robust support from 50 SMA and 100 SMA on the 4-hour chart, ZEC rose to a price level above $ 120.
At the time of writing, Zcash is trading at $ 105 after correcting 50 SMA support. A bull flag on the 4-hour chart suggests a possible rebound to highs above $ 120 in the near future. The bullish narrative was confirmed by the RSI’s application for the overbought region.
ZEC / USD 4 hour chart
In this case the bull flag is ignored and another correction is displayed. We can assume that Zcash will retest the support at $ 100. The losses are likely to extend to the 50 SMA where a rebound is expected.