Zcash (ZEC) and Monero (XMR) are the two most popular privacy-focused cryptocurrencies in the market. The cryptocurrencies gained on 1st April on a daily scale on positive market sentiments.
Zcash (ZEC) Gains Above 7%
The price of Zcash (ZEC) at 10: 30 hours UTC on April 1, 2019, is trading at $62.16. It is trading 7.49% higher on a daily scale.
The All-time High price of Zcash is $3191. However, this was traded by the FOMO created in the market during its launch. Moreover, the high of Zcash during the bull run of 2017 was $880. The price of Zcash is down 92.9% from its high in January 2018.
The RSI signal on the 4-hour chart has, however, entered the over-bought region above 70. The price traded above the 50-Day Moving Average on 20th March on the daily testing the 50-Day Moving Average as Support since then.
Monero’s (XMR) Golden Cross Come to Yield?
The price of Monero (XMR) at 10: 30 hours on April 1, 2019, is trading at $57.61. It is trading 7.44% higher on a daily scale. A surge in volume sparked the rise in Monero; this can be attributed to the positive trading sentiments around decentralized Altcoins like Litecoin [LTC].
The All-Time High price of Monero is $460; currently, it is trading down by 87.4% from its ATH.
The RSI signal on the 4-hour chart has also entered the over-bought region above 70.
The 50-Day Moving Average crossed the 100-Day Moving Average on 11th March. The price has been trading above both the average line indicating an upward movement.
The rise of Litecoin [LTC] price was about 100% in Q1 of 2019. Its conviction towards decentralized fungibility initiated the bull run. Moreover, Zcash and Monero already provide privacy and fungibility. The transaction capability of Monero and Zcash is also comparable to that with Litecoin [LTC]. Moreover, Monero and Zcash miners are also active in huge number. Hence, there is a high probability of the success of these privacy-based tokens.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com