The bulls seem to be back in the cryptocurrency market after they had been battered since the beginning of the week. However, they still lack the momentum and catalysts to push for higher corrections. In the meantime, most of the coins and altcoins led by the king himself, Bitcoin are maintaining critical support areas. Bitcoin, for example, broke above $7,600, but has slipped back and is battling for support above $7,500. Stay with me as I dive into the analysis of the three coins that have defied the bear pressure in the market to record considerable gains.
Vcash (XVC) Price Analysis
Vcash broke out in fireworks on August 1 breaking several barriers. XVC/USD traded highs of $0.033 before turning bearish and correcting lower. The upward trend was initiated at $0.008, slightly below the 21 simple moving average on the hourly chart. The trendline resistance at $0.010 could not stop the fired up bulls.
Consequently, Vcash continued with the upward roll in several successive engulfing candles. The price exchanged hands above $0.033 but due failure to clear the resistance at $0.034, it culminated in lower corrections, which also gave the bears a chance to enter. The sellers sought for equilibrium breaking the past the short-term support at the 38.2% Fib level of the last drop from $0.0330 and a low of $0.0071 at $0.0132. However, the buyers found balance above $0.0140, currently, the crypto is consolidating marginally above $0.015. On the upside, the buyers are facing resistance at $0.0160 while the next resistance targets are $0.0231 (61.8% Fib level) and $0.0285 supply zones.
Zclassic (ZLC) Price Analysis
Zclassic is also making subtle gains on the day, besides, CoinMarketCap shows that it is up 2.88% in the last 24 hours. This coin has been among the best performing coins in the market. In the last week of July, ZLC/USD trade marginally above $8.00 before it embarked on a journey of breaking significant barriers at $9.00, $15.00 and finally breaking the resistance at $19.00.
However, the bulls encountered resistance slightly above $19.00 and the trend turned bearish short of $20.00. Zclassic is currently settling in a contracting triangle with support at $12.00. It is also approaching a breakout at the narrow end of the contracting triangle pattern. The 50% Fib retracement level with last swing high of $19.80 and a swing low of $9.35 at $14.58. The 50 simple moving average on the hourly chart will also support the price at $14.34 above the stronger support zone at $14.00. Zclassic price must break above the contracting triangle resistance at $15.00 for it to curve a path towards higher levels at $16.00 and the upper supply zone at $18.74.
Iconomi (ICN) Price Analysis
Although Iconomi is currently trimming the gains, it is up more than 9% in the last 24 hours. It is one of the few coins that commenced August making higher corrections. While other assets in the market are battling to shake the bear pressure, ICN/USD is fighting for higher consolidation. The bullish trend that started on August 1 surged above $0.58 before correcting lower. However, the downside was protected by the 38.2% Fib level as seen on the chart.
Another surged ensued testing the former resistance at $0.58, ICN/USD broke above this level and trade slightly above $0.600. The cryptocurrency lost steam during the Asian trading hours on August 2 and plunged below the trendline and the 50 SMA support at $0.560. The downside appears to have found an anchor at the 50% Fib level between the highs of $0.6043 and lows of $0.4608. The stochastic on the 15-minutes chart is recovering from the oversold, however, it is likely that the ICN/USD will slide towards the next support at $0.52 after which a pullback is expected to head to $0.560 and eventually $0.60.