2021-03-17 20:00:05

ZAP/USD Sustains Upside Run Amid Dips on LINK and ETH

The cryptocurrency market faced short-term selling pressure after a massive upswing over the weekend. A series of recent developments, including rumors of a potential digital asset ban in India, increased fear and uncertainty among crypto investors.

Decentralized blockchain platforms Ethereum and Chainlink also conceded to the bearish action across the market, recording massive price drops over the last two days. At present, Ethereum’s price is dropping, once again sitting at $1,706, and currently still heading down. Chainlink was also purged from highs of $30.23 on Monday, extending its decline to lows of $25.25. The fact that Chainlink had been on a steady dip since early March also contributed to its bearish outlook.

Despite the bearish turn of events, several Altcoins were able to resist and rally higher. Zap, a decentralized blockchain platform, was able to sustain its upside run. Specifically, after attaining highs of $0.43 on March 13, ZAP/USD has held on to its massive uptrend boosted by its multifunctional use case. While other blockchain projects usually focus on one key area of development, ZAP represents a unique combination of many possibilities that blockchain technology has to offer – and this has stood to benefit its price and resilience to the recent market-wide developments.

ZAP Technical Analysis: ZAP/USD Sustains Upside Run Past $0.3500, Further Advance Underway

ZAP/USD Daily Chart

ZAP prices are out of the blocks on the front foot after breaking out of the $0.3500 range which saw the ZAP/USD pair hit a fresh all-time high of $0.4324. The technical perspective of the daily chart implies that the upside momentum continues to underpin buyers’ sentiment above the $0.40 level. However, a resistance level at $0.4324 could provide a barrier for buyers, but if this level is breached, an even bigger rally could be on the cards. 

The record high reached on ZAP/USD amid the recent crypto market correction reflects a positive investor sentiment on ZAP. Technical indicators flash buy signals on the daily time-frame. Most likely, the rate could edge higher within the following trading session. Traders should note that a bearish reversal pattern may return in play if bears can move the price back beneath the $0.30 mark.

Supply Levels: $0.5000, $0.4500, $0.4000
Demand Levels: $0.3500, $0.3000, $0.2500

Chainlink Technical Analysis: Bears Pauses Dip on LINK/USD at $26.40 After Correction, Next Downside Catalyst May Resume

LINK/USD Daily Chart

Chainlink’s price is struggling to gain ground within the $27.50 territory amid a loss of upside momentum. After the loss of the MA 50 on the LINK/USD pair, while registering a low at the $26.40 level, the price now risks a steeper drop on breach of support at the ascending trendline. LINK was sold amid the correction confirming negative near-term bias with 2 days of bearish candles suggesting that bulls from rejection at $30.80 now face headwinds.

Meanwhile, LINK/USD bears pause dip at the $26.40 level while taking a chance to bounce into consolidation. The rise above the trendline coupled with RSI returning above 50 would maintain the bullish bias. Clearing the psychological level of $30.80 would open the path towards the next upside target of $33.00 and beyond. However, a fall in price below $26.40 may generate the next downside catalyst for extension towards key supports at the $22.89 zone.

Supply Levels: $36.92, $33.00, $30.80
Demand Levels: $27.50, $22.89, $18.50

Ethereum Technical Analysis: ETH/USD Finds Support Above MA 50, Stays Below $2,000 As Upside Risk Remain

ETH/USD Daily Chart

ETH is on its way for a retest of the MA 50 support reaching near at $1,706 level. Profit-taking appears to be the trend of the market at the moment as holders reduce their positions on Ethereum in expectation of the correction. Also, ETH/USD short-term oscillators are signaling that price may consolidate below the $2,000 level before a breakout higher suggesting that the bears may struggle to shift the momentum to the downside.

On the flip side, buyers should be aware that if bulls can drive the price back above $1,944, a bullish reversal trend will emerge as upside risk remains towards $2,000. If buyers can smash through this obstacle, they can head for the $2,100 and $2,200 resistance belt. Otherwise, if the resistance provides a barrier, buyers could face initial upside friction from the $2,000 level. Sellers may proceed to test the $1,600 if ETH/USD trades beneath the MA 50 at $1,670.

Supply Levels: $2,200, $2,000, $1,800
Demand Levels: $1,600, $1,450, $1,200

In Conclusion

The crypto bull market recently hit a hurdle, with a number of popular coins, including Bitcoin, seeing their price drop off. However, some Altcoins have continued to perform well in recent days; for instance, ZAP has gained 26% in the last 24 hours or so. It’s hard to estimate exactly where its price will go over the next few days, but things certainly look good for ZAP given its excellent potential and growing popularity in the marketplace.

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