Thanks to Bitcoin’s price rally in the month of December, many of the market’s altcoins have seen their prices shoot up on the charts. However, the last few days have seen bullish momentum for altcoins like IOTA and Zcash fall, with their prices starting to consolidate on the charts.
IOTA’s price has fared quite well over the past week, with the cryptocurrency noting gains of over 10 percent in its trading price. However, the sentiment seemed to change after 29 December as the coin was confined in a narrow channel between its immediate resistance at $0.31 and the support at $0.28. At press time, IOTA was trading at $0.291 with a market cap of $810 million.
The MACD indicator was observed to have undergone a bearish crossover and signaled strong bearish sentiment. The Stochastic indicator concurred, with the same in the oversold zone, at press time.
The IOTA Foundation recently signed a Memorandum of Understanding with EIT Climate KIC in a bid to work on a “sustainable and regenerative economic development,” according to a recent blog post.
Cosmos didn’t have to endure any significant sideways movement, as of press time. The coin’s price had surged to $5.74 and was close to its resistance at $5.8. There were also strong support levels at $5.2 and $4.6 if the coin was to see its price drop substantially on the charts.
The EMA Ribbons continued to offer support for the coin and may help with the start of an uptrend for Cosmos. The Stochastic indicator was bullish as it was positioned in the overbought zone, at the time of writing.
Over the course of 48 hours, Zcash’s price has traded mostly between the support at $61 and the resistance at $66. At press time, the privacy coin had a trading price of $62.8 with a market cap of $683 million. However, taking into account the past week’s price action, Zcash did considerably well as its price rose by over 12 percent, according to CoinMarketCap.
The Bollinger Bands for Zcash were contracting slightly on the charts and may signal the continuation of its sideways price action. The RSI indicator had fallen further into the oversold zone, indicating the possibility of a further price drop.