ZCash and Holo are bearish

Overview

  • ZCash is the first project to implement zk-SNARKs, a novel form of zero-knowledge cryptography that gives its users the strongest privacy available in any digital currency.
  • Holo is powered by HoloFuel, a cryptocurrency backed by digital assets—the processing, computation, and storage needed for efficient cloud hosting. 

The market structure of Zcash and Holo is discussed here. The coins looked extremely bearish on 18th November, 2021.

ZCash

Currently trading at $147.7, Zcash is down by 7.09%, enticing traders to take a short position on the coin. Here’s the market structure of ZCash:

It started the day at $160.0 levels, reached early intraday high of $162.2 levels, before showing a reversal. The early intraday low stands at $153.1 levels. On the daily chart, it has been strongly bearish with the prices reach low to $143.7 levels. Zcash tested first resistance level at $158.2, while leaving the support level at $149.4 level untested today, thereby having late intraday low at $143.7 level. On the hourly chart, Zcash is highly bearish, made a bearish reversal at $145.7 levels.

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Market Indicators

Relative strength Index: The RSI is currently moving down towards 40 levels and perhaps has the potential of moving further down showing price weakness.

Fibonacci Retracement levels: 23.6%: $148, 38.2%: $150.7, 61.08%: $155.1

Major support level: $143.6

Major resistance level: $158.2

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Conclusion

The strong buy region ranges somewhere between $147.4 and $150.4. Contrary to it the major sell region ranges between $159 and $162.

Holo

Holo is currently trading at $0.011377 level, down by 9.29%. The market structure of Holo has been discussed further.

Holo, started off the day with the intraday high at $0.12692 levels, and has been bearish throughout the day, with an intraday low at $0.011115 levels. Testing the first major resistance level at $0.12616 level, Holo lost its momentum. On the daily chart, Holo tested the first major support level at $0.011880. On the hourly chart, the coin saw the intraday low before making a bullish reversal.

Looking at the current momentum, Holo is most likely to breakout on the upside.

https://in.tradingview.com/

Market Indicators

Relative strength Index: The RSI is currently moving down towards 60 levels, showing mild price strength owing to investors pressure.

Fibonacci Retracement levels: 23.6%: $0.011485, 38.2%: $0.011712, 61.08%: $0.012078

Major support level: $0.011118

Major resistance level: $0.012339

https://in.tradingview.com/

Conclusion

Holo’s strong sell region extends from $0.012345 and $0.012689 levels. The major support level sits at $0.011118 levels, falling below which will bring the second major support level at $0.011134. The buy region is between $0.011243 and $0.011549 levels.

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