Can Privacy Coins Zcash, Monero, and Dash Keep Rallying?

Privacy coins Zcash (ZEC), Monero (XMR), and Dash (DASH) have been exceptionally resilient to the latest market downturn.

In the past 30 days, these tokens have delivered gains of 405%, 6.3%, and 110%, respectively, while most of the market tanked.

Moreover, they recovered quite fast from last Friday’s flash crash, underscoring the strength of the buying pressure that continues to chase these tokens.

Can this latest rally keep going? Let’s take a look at the latest price action for these three tokens.

Zcash Consolidates After Making Double-Top at $280

Zcash has gone up by 40% in the past 7 days alone and currently sits at $250 per token. During this period, it reached a local top a $295 and dropped to as low as $180 during Friday’s crash.

ZEC/USD 4-Hour Chart (Coinbase) – Source: TradingView

Trading volumes remain quite high, currently accounting for a fifth of the token’s circulating supply at 820 million. Volumes have been going up from an average of $50 million per day to over $1 billion on certain specific dates, reflecting the magnitude of the latest hype.

ZEC may consolidate for a while and could drop near the low 200s as the Relative Strength Index (RSI) in the 4-hour chart shows signs of a bearish divergence. This means that, although the price is rising, momentum is decelerating.

The trend line support shown in the chart is the key demand zone to watch. A break below $200 could spell trouble for ZEC’s rally, while a move above $280 could ignite the next leg up for the token, with a near-term target set at $300 to start.

Monero Finds Support at $280 But Struggles to Move Past $340

XMR broke out of a downtrend in mid-September and managed to climb to $340. Its decline during the flash crash was less pronounced compared to other tokens.

XMR/USD Daily Chart (Kraken) – Source: TradingView

However, the token seems to be experiencing strong selling pressure at $340, making this the key resistance area to overcome. If Monero breaks above this level, little would stand in its way to reach $400 or higher.

The $280 area is the key demand zone to watch as it is in confluence with the 200-day exponential moving average (EMA). Moreover, the RSI is above the mid-line, meaning that positive momentum has not fully faded.

We could expect a move toward $280 first to find the necessary fuel for the next leg up. Buying at this level would offer an interesting 43% upside potential in the short term if XMR climbs to $400.

DASH Hits Key Resistance at $50

Dash started to rally on October 1, around 15 days after the Federal Reserve decided to cut its benchmark interest rate by 25 basis points.

DASH/USD Daily Chart (Coinbase) – Source: TradingView

Market sentiment was improving back then, and altcoins started to rally. DASH progressively climbed to $60 around 15 days after, and it has now declined below $50.

The lowest this token got during the crash was $30, making this the key support to watch in case DASH tops at this current level, which has been a relevant supply zone in the past.

We could either expect a rejection of a move above this market that results in a correction toward the 200-day exponential moving average (near a trend line support), or a bullish breakout that pushes the token to $70 again in the near term.

Momentum indicators are stalled. The RSI would have to climb decisively above the 14-day moving average to confirm a bullish outlook, and that has not happened yet.