Altcoins fall, except Zcash, with a good increase this June 24
Bitcoin's decline drags the major altcoins. Ethereum (ETH), for example, is down 1.04%; Litecoin (LTC) 2%; Bitcoin Cash (BCH) of 1.19% and EOS of 2.59%.
However, only one of the top ten is saved, and it is the currency that is ranked 10 according to the volume of transactions today. It is Zcash (ZEC), whose increase today is 7.25%.
But it is not the only one, other currencies with lower transaction volume have higher increases today. These are the cases of QUANT AND REN.
QNT / BTC
Quant today 06/24/2020 10:09 UTC is making major bullish moves. As you can see the currency # 72 in terms of market capitalization according to coinmarketcap, in this day alone the price has increased more than 19%. Yesterday the price closed at 0.00069953 SAT, but the great upward momentum was presented today taking the price down to 0.00093639 SAT at the time of writing, the QUANT price is 0.00088946 SAT.
Without any problem, the price penetrated the old resistance located at 0.00084483 sat, but the bears have mounted a great resistance at the level of 0.00095559 sat because there was a strong rejection in that resistance by the bears, stopping the great impulse at once. bullish
Something important that we must add to our analysis is that just at this time the 20-day TEMA tries to cross above DEMA 60, we must be aware of this movement since if it manages to cross and the bullish momentum is maintained, it is very likely that the QUANT value continues to increase taking into account price declines.
It is interesting how between the 0.5% and 0.61% percentage of the Fibonacci retracement the price has found a great point of support, in this case a support, this allowed them a great boost for the bulls.
* We also have an excellent example of a chartist figure, in this case an ascending triangle, which increases the probability that the QUANT value will continue to grow.
this leads to
If the bears take advantage of the resistance of 0.00084483 sat then the bears could lower the price to 0.00065000 sat
However, the current movement is bullish, so if the price manages to leave behind the resistance that I mentioned before, the price will easily reach 0.00095559 sat
REN / BTC
Position # 58 according to COINMARKETCAP, currently REN maintains bullish movements which is positive since the price of REN is in historical maximums leaving behind and by far the old barrier (resistance) of 0.00001396 SAT, when writing this the price of REN is 0.00001778 sat. In just 3 days the value of REN has increased up to 49%, so far this day it has increased by 14%, the market capitalization of REN / BTC is $ 140,765,159.
The price used as support the old resistance of 0.00001196, also with the support of the Fibonacci retracement tool we can see how the price rebounded to the upside at the level of 0.61% also there was already a support at 0.00000853 sat
TEMA 20 is well above DEMA 60 bullish sentiments will continue for REN, we cannot lose sight of any setbacks, and make sure that all our chances are in favor before making any decisions
ZEC / USD
Zcash is the one with the most opportunities, since today there is a decrease of 10%. The bears entered 61.5 USD yesterday, pushing the price down to 53.44 USD, where is ZCASH presenting opportunities? The price is approaching the old resistance of 53.34 USD that indicates that there would be chances that it will now be used as support
* we must take into account MACD that is looking for a change of address
* The price is in the 0.61% zone of the Fibonacci retracement and at the time of writing this it is using it as a support since a new 4-hour candle has opened at this moment and maintains bullish movements
We should take advantage of the pullback to have a good entry point into the next bullish momentum
Why will Zcash increase in price?
The main reason for the increase in Zcash is related to the announcement by the mining company Argo of the purchase of 750 Antminer Z11, which specialize in the Equihash algorithm, for a total of USD $ 474,000. The platforms are already up and running at full capacity, Argo said in a presentation on the London Stock Exchange (LSE).
It is worth remembering that few cryptocurrencies use the Equihash algorithm and the largest of them, by far, is Zcash. The acquisition means that Argo, which was listed on the LSE in 2018, has significantly increased its Zcash mining capacity. The new Z11s join the 1,000 teams that the company already owns.
Coindesk explains that Argo's mining power is primarily focused on Bitcoin. In May, the company had a total of 18,000 mining rigs, of which 17,000 are focused on the SHA-256 algorithm that is primarily used by Bitcoin. But since Argo bought its first batch of Z11 miners in May 2019, it has become one of the largest Zcash miners. The company stated on its website that it represents approximately 3.5% of the mining power of that network.
Likewise, CryptoCompare's mining profitability calculator shows that mining Zcash with a Z11 generated much higher returns than Bitcoin, more than $ 130 a month per team.
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