Monero, Zcash, Chiliz Price Analysis: 27 March

Monero continued its rangebound movement between $239.4 and $215. Zcash showed weakness after recapturing the 23.6% Fibonacci retracement level, while a breakdown on Chiliz could highlight support levels at $0.29 and $0.156.

Monero [XMR]

Source: XMR/USD, TradingView

With limited price swings during the month of March, it was possible that Monero was in an accumulation phase post the pullback in late-February. The region between $239.4 and $215 showed strong price oscillation as the buyers and sellers maintained equilibrium

Even though Awesome Oscillator formed a bullish twin peak, momentum was expected to be restricted considering the current state of the market. Post the accumulation phase, a breakout above the press-time resistance would likely lead to extended gains towards the $260-level. Conversely, a breakdown from the current level would highlight the next line of defense at $205.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Gains over the past couple of days helped Zcash rise above the 23.6% Fibonacci retracement level, but some weakness was seen in its price at the time of writing. Stochastic RSI pointed lower from the upper region, suggesting a minor pullback. A dip below the current Fibonacci level would likely lead to an extended sell-off, with the bulls expected to fightback at $115.8-support.

Meanwhile, Chaikin Money Flow suggested that capital outflows may have accentuated recent losses in the Zcash market. CMF’s failure to recover above the half-line reflected in lower levels for ZEC as well.

Source: CHZ/USD, TradingView

One of the best performers of 2021 so far, year-to-date gains in Chiliz amounted to a stupendous 2287.8%. However, since touching record levels, the price cooled off and the later half of March saw the cryptocurrency stabilize at lower levels. During this process, a descending triangle emerged on the 4-hour timeframe, one that is characterized by lower highs and steady lows. While the price usually breaks down from this pattern, a bullish move was even possible considering its price action during the first three months of 2021.

An upwards breakout would put levels at $0.7 and $0.87 under the spotlight. Meanwhile, a breakdown could go as low as $0.29 or even $0.15. A bearish Stochastic RSI only reinforced the idea of a bearish outcome. MACD’s histogram also showed weakening momentum, even as the fast-moving line moved above the Signal line.