Despite the fluctuations in Bitcoin’s price leading to substantial losses across several altcoins, certain cryptocurrencies have carved out a positive trajectory. One such cryptocurrency, ZK Coin, has experienced a significant three-digit increase overnight. This collective uptrend in privacy-focused altcoins suggests the possibility of a more extensive rally on the horizon. But which altcoins are spearheading this ascent?
Privacy Altcoins
During Biden’s administration, several altcoins faced legal challenges and exclusion from exchanges, prompting investors to withdraw. However, with Trump’s re-election, the legal threats hanging over cryptocurrencies eased, allowing privacy-focused and decentralized finance (DeFi) altcoins to breathe easier.
According to CoinGecko data, the total market value of privacy-focused altcoins soared by 80% within just a week, reaching a total value exceeding $25 billion. Among these, RAIL, DASH, and ZEC have emerged as front-runners. Notably, DASH continues to perform well in short-term gains. Previously, ZEC had accelerated its rise due to favorable news, and now RAIL is making headlines alongside it.
GHOST and VEIL, less visible privacy altcoins, have achieved gains between 200% and 300%, partly due to their lower market cap. When it comes to privacy altcoins, Monero (XMR) remains a top contender, increasing by 5% in weekly terms.
RAIL, DASH, ZEC Analysis
Railgun (RAIL) reached levels in October it hadn’t seen for 1,290 days. Despite several tests at $4.28, it also dropped to support levels of $2.53 and $2. Now that it has hit resistance again, RAIL faces two paths: surpass the $4.28 mark, targeting $5.6 resistance or risk retracting to the $2 support after $3.19 and $2.53.
DASH stands out as one of the enduring altcoins in the crypto market. From the start of October, its price surged approximately 340% in about a month, cementing its strength with significant bullish candlesticks over the past two days.
Despite these impressive gains, the weekly chart reflects diminishing returns as the 2021 peak was above $475. The good news is that the $86 resistance, which was challenging to surpass, if held, could pave the way for testing the $160-$210 range.
ZEC Coin is particularly intriguing, rallying 7.3x in roughly a month while maintaining the 2021 ATH of $374, indicating an ongoing price discovery process. Holding this level as support could lead to higher peaks.
Long-time followers of COINTURK may recall the October 9 ZEC Coin analysis, which anticipated that closures above $290 could trigger a new ATH approaching $650. At that time, ZEC Coin was trading around $177.