Stellar Lumens, Dash, Zcash Price Analysis: 06 June
Over the past 24-hours, Bitcoin noted a very minor price correction, and as expected, many popular altcoins mirrored the price movement of the king coin. For altcoins such as Stellar Lumens, Dash, and Zcash, the past 24-hours saw their price fall after having moved sideways for quite a few weeks.
Stellar Lumens [XLM]
Stellar Lumens, at the time of writing, finds itself occupying the 13th position in terms of market capitalization, according to CoinMarketCap’s list. The past 24-hours saw the price correct itself as it dropped by close to 5 percent. XLM was being traded at $0.079 and was extremely close to the support at $0.076.
At press time, XLM registered a market cap of $1.6 billion and a 24-hour trading volume of $604 million. If the coin were to start on an uptrend, it will likely face resistance at $0.085.
The Bollinger Bands were significantly wide, with its moving average located above the trading price. This implied increased volatility for the coin and the moving average was likely to create resistance. The RSI indicator, on the other hand, was heading towards the oversold zone – a sign of bearishness.
In development-related news for the coin, a week ago, it was announced that the Stellar Development Foundation had invested $550K to develop SatoshiPay’s cross-border B2B payment solution.
The past 24-hours also saw popular cryptocurrency Dash’s price take a slight hit. At press time, Dash was being traded at $77.9 with a market cap of $746 million. There was strong support for the coin at $75.6 and resistance at $80. In the past 24-hours, the coin’s price fell by over 2 percent.
The MACD indicator underwent a bearish crossover and signaled the possibility of a further drop in price. The RSI indicator echoed a similar sentiment as it was heading steadily into the oversold zone. Dash recently announced that it partnered with AnkerPay in an effort to grow its ecosystem in sub-Saharan Africa.
For the privacy coin Zcash, the past 24-hours told a similar tale as other altcoins. Zcash’s trading price saw a fall of close to 5 percent and was being traded at $52.2, at press time.
Zcash, with its market cap of $487 million, occupied the 26th spot among cryptos listed on CoinMarketCap. The coin’s press time trading price was testing the support at $51. If the downtrend were to continue, Zcash may even end up near the $46 mark, which is also a key support. There was resistance for the coin at $55, if things were to take a turn for the better.
The MACD indicator for Zcash saw a bearish crossover and pointed to a price drop. The Bollinger Bands had contracted slightly and lower volatility was expected for the coin’s price. Despite Zcash being a significant participant in debates concerning privacy and crypto, Zcash was recently in the news after researchers from Carnegie Mellon University found that only 0.09% of ZEC transactions within a 30-day period made complete use of the protocol’s privacy features.