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Cardano, ZCash, Stellar Lumens price analysis: 07 July

Akash Girimath

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Source: Unsplash

Although Cardano has hit a level last seen in 2019, all the coins [Zcash and Stellar Lumens], show a potential retracement soon. However, the same might not apply to Cardano, especially with the recent Shelley update.

Cardano

Source: ADAUSD TradingView

Cardano’s price stands at $0.106 per token and has a market cap of $2.52 billion making it the 8th largest cryptocurrency in the world. Additionally, the launch of Shelley has created a hype around the coin among the users, allowing the price to appreciate a lot. At press time, the same can be seen with price surging to level, last seen in June 2019, it a new ATH of 2020.

At press time, the price looks oversold in conjunction with RSI. Additionally, BTC is on a downtrend towards the $9,000 zone, hence, a retracement might be on its way. Interestingly, it was recently reported that Cardano’s ADA may be soon listed on Coinbase – as early as the end of 2020.

ZCash

Source: ZECUSD TradingView

ZEC, like ADA, has seen a good surge over the last 24 hours, however, unlike ADA, ZEC has already started its retracement after hitting resistance at $56.06. Currently at $54.01 the privacy coin has a market cap of $508 million and is ranked the 26th largest crypto.

The MACD indicator for the coin showed an imminent bearish crossover, however, it is too soon to tell. Considering the altcoin dominance on a downtrend, it seems like a retracement to $50.66 is possible. Zcash was recently in the news after blockchain analysis company Elliptic added the coin to its monitoring platform enabling exchanges and institutional investors to receive information regarding when a transaction trail ends so they can take additional due-diligence measures.

Stellar Lumens

Source: XLMUSD TradingView

The price of XLM at press time was $.0717 and had a market cap of $1.411 billion, which puts XLM at 14th spot, just below Chainlink. Similar to ZEC, XLM is rangebound between $0.0726 and $0.0648. A bearish crossover on the Stochastic RSI showed the price was due for a retracement. The drop from here would push the price down to $0.0682.

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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