Price Analysis: Privacy Coins Monero [XMR] & Zcash [ZEC] Underperforming in Today’s Drop

2018-11-15 20:15

market cap, has depreciated around 17%. The market leader Bitcoin has lost 7% of its value so far today.market cap, has depreciated around 17%. The market leader Bitcoin has lost 7% of its value so far today.Analysts have been speculating that privacy coins such as Monero and Zcash were setting up to outperform as 2018 approaches its end. Today has resulted in extremely bearish movements across the market with Bitcoin recording its 2018 lows.

Privacy coins Monero and Zcash have underperformed on today’s drop. Monero that ranks 10th in terms of market cap has depreciated around 15% today. Zcash ranked, 19th in terms of market cap, has depreciated around 17%. The market leader Bitcoin has lost 7% of its value so far today.

Monero had been stabilizing despite a bearish start to the week for many coins. However, today’s drop has resulted in the coin sharply declining on large volume. Momentum is currently strongly with the sellers with both the RSI and MACD decreasing.

XMR Daily Chart – Source: TradingView.com

Zcash is seeing a similar decline. It had been depreciating yesterday but only slightly. Today’s follow up has been of significant volume showing real strength behind the move. Similar to Monero, momentum is strongly with the sellers as both the MACD and RSI are decreasing. the MACD has crossed its signal line to the downside, a bearish signal.

Zcash Daily Chart – Source: TradingView.com

Both coins are following the bearish movements lead by the market leader Bitcoin. Over the past hour, Bitcoin has recorded a new 2018 low around $5570. This is extremely bearish for the overall cryptocurrency market with $6000 being a key support point for the overall market. The next few days developments will show whether buyers can bring the price back above $6000 again or whether both Bitcoin and altcoins are in for further downward movements.

Bitcoin Daily Chart – Source: TradingView.com Key Takeaways: Analysts were recently anticipating privacy coins such as Monero and Zcash to outperform on the next market rises but the bearish movements seen today have resulted in sharp declines in both. Momentum is strong with the sellers in both Zcash and Monero. The RSI and MACD are decreasing in both. Market leader Bitcoin has recorded a new 2018 low over the past hour which is an extremely bearish scenario for the cryptocurrency market.

Price Analysis: Privacy Coins Monero [XMR] & Zcash [ZEC] Underperforming in Today’s Drop was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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