- Zcash (ZEC) and Stellar (XLM) have witnessed a rally of above 6% on daily charts, while the overall crypto market struggles to regain momentum and faces a consolidation zone
- The Zcash price chart is giving a sign of neutral to bullish as its RSI sits around 55, suggesting that there might be further room to gain
- Stellar price has also witnessed a spike after the boosted investors’ confidence and growing regulatory clarity
On March 24, Zcash (ZEC) and Stellar (XLM) prices soared above 6% with a spike on a daily chart, showing growing demand for these tokens among investors.
Zcash has witnessed a spike of 6% with a market capitalization of $3.97 billion. At present, the cryptocurrency is trading at around $239.64 with a daily trading volume of $430 million and a circulating supply of 16.59 million ZEC tokens, according to CoinMarketCap.
Similarly, Stellar (XLM) has soared by over 6%, helping it to climb the cryptocurrency from $0.166 to $0.175 with a market capitalization of $5.78 billion, according to CoinMarketCap. The daily trading volume revolves around $121 million.
Zcash Pumps Once Again with Bullish Momentum
One of the major factors behind the growth of cryptocurrency is the growing demand for privacy-based cryptocurrency. On March 24, the Monero price also witnessed a jump.
Zcash Open Development Lab recently raised $25 million from top investors to build better wallets and tools. This news boosted investors’ confidence, and they started investing money into the project.
At the same time, many investors are raising concerns about government rules and tracking ordinary cryptocurrencies. This factor diverts money towards Zcash.
The chart of current bullish momentum is looking positive without being too risky. The Relative Strength Index is revolving around 55, which means that the price has balanced momentum and room to grow without being overbought. Also, the MACD indicator is giving a buy signal, and the price now revolves above major short-term moving averages.
(Source: TradingView)
The cryptocurrency is holding major support levels around $220 to $225, while the resistance level is at $260. If Zcash stays above these levels, there will be a further rally in the cryptocurrency.
The analyst stated in the community post on CoinMarketCap, “The price action on the daily timeframe reveals a classic battle between structural bears and momentum bulls. $ZEC has been confined to a descending channel for months, with the lower boundary near $184 acting as a floor and the upper trendline repeatedly rejecting price advances. However, a promising bullish divergence is forming underneath the price action.”
Stellar Lumens (XLM) Soars with Neutral-to-Bullish Pattern
Stellar Lumens, known as XLM, is working as the native token of the Stellar Network, which is a blockchain developed for efficient cross-border payments and asset transfers. As of now, XLM is trading at around $0.1774 with its circulating supply of about 33 billion XLM out of a maximum of 50 billion.
(Source: TradingView)
The chart is currently suggesting a neutral-to-bullish pattern that supports the recent price movement. The 14-day Relative Strength Index is hovering around 60, which shows a balanced momentum without entering into overbought territory. This creates additional space for gains.
The MACD indicator is also suggesting a positive crossover by confirming short-term buying pressure.
The cryptocurrency is currently trading above its major short-term moving averages, such as the 10-day and 20-day lines. Its current support level is holding around $0.16 to $0.15, while its resistance levels revolve around $0.18 to $0.181. This is showing steady accumulation instead of temporary hype.
This surge is directly related to its growing ecosystem, thanks to regulatory news. Europe’s largest asset manager, Amundi, recently announced the launch of a $100 million tokenized cash fund on Stellar. Recently, regulators have also classified XLM as a digital commodity.
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