Top 3 Trending Coins: CEL Breaks Key Long-term Resistance, ZEC Probes 100DMA as LDO Lags
- Bankrupt crypto lending service Celsius Network’s CEL token is the best performing crypto in the top 100 on Monday.
- Lido DAO’s LDO token is the worst performer in the last 24 hours on Monday.
- Zcash is eyeing a break higher towards $100 if it can get above near-term resistance.
CEL Hits Key Resistance Around $2 After Breaking Above Key Long-term Downtrend
CEL, the native token issued by now bankrupt cryptocurrency lending platform Celius Network, has surged in the last few days. CEL/USD was last changing hands close to the $2 per token mark, and though it has fallen back from earlier session highs in the $2.14 area, it is still up about 10% on the day and around 68% in the past five sessions.
According to CoinMarketCap, CEL is up around 24% in the last 24 hours, making it the best performing cryptocurrency by market capitalization. CEL’s latest push higher has seen it break above a key area of resistance at $2 and its 200-Day Moving Average around $1.89. The recent bullish momentum appears to have been triggered by a break above a downtrend that had been in play going all the way back to June 2021.
This marks a significant technical break. But it remains difficult to see how CEL can make a lasting comeback given Celsius’ bankruptcy. Perhaps if cryptocurrencies/digital assets stage a solid recovery and close the massive hole in Celsius’ balance sheet, putting the company back in the green, then lasting CEL upside is a possibility.
Lido (LDO) Lags
LDO, the native token that powers the Decentralized Finance (DeFi) protocol Lido DAO, was last down around 13% in the last 24 hours, making it the worst performing cryptocurrency in the top 100 by market cap. LDO’s bullish momentum that saw it reach as high as the $2.80s last week, up from under $0.50 as recently as early July, has waned in recent days.
LDO/USD was last changing hands in the $2.20s and eyeing a retest of its 21-Day Moving Average just below $2.10. Below that, the bears are eyeing a retest of resistance-turned-support in the $1.80 area.
Zcash (ZEC) Probes 100DMA
According to CoinMarketCap, Zcash is the best performing top 50 cryptocurrency by market cap in the past 24 hours, up just shy of 6% over this time period. ZEC/USD was last changing hands close to $75 per token, having briefly rallied above $80 earlier in the session, with ZEC currently probing its 100-Day Moving Average at $77.6. If ZEC can surpass resistance in the $82 area, this could open the door for a run higher towards $100 and then onto the 200DMA just under $110.
Tornado Cash’s Pain, Zcash’s Gain?
Zcash, a privacy-focused cryptocurrency, could be performing well given the recent news that US regulators have blacklisted crypto transaction anonymity-focused service Tornado Cash, which traders may view as a competitor to Zcash. According to a recent blog post from Electronic Coin Co., the creator of Zcash, the RAND Corporation conducted research into Zcash usage for illicit purposes.
Their research found no evidence of any substantive use of Zcash for money laundering, terrorism financing or trade in illicit goods and services, unlike the claims being leveled against Tornado Cash, which stands accused of helping North Korean hacker group Lazarus. RAND’s report also said that “the governance of Zcash and its branding (are) compliant with the relevant AML/CFT regulations which may make it less susceptible to exploitation for illicit or criminal purposes”.