AB (AB) along with a group of privacy coins like Zcash (ZEC) and Monero (XMR) are among the assets that have fallen the most in the past 24 hours, as the crypto market is engulfed in a widespread sell-off.
The downward pressure has not shown signs of easing as both ZEC and XMR have sent clear sell signals, increasing the risk of further decline. Meanwhile, the AB token faces the risk of losing the important psychological support level of 0.00500 USD if the current negative trend continues.
AB approaches important support as selling pressure increases
As of the time of writing on Tuesday, the price of AB has lost nearly 6%, continuing the decline of 7% from the previous session. The recording of the fifth consecutive bearish candle indicates that selling pressure is significantly increasing, pushing the price close to the important psychological support level of 0.005000 USD.
In the event that AB breaks through the 0.005000 USD mark and closes the daily candle decisively below this threshold, the downtrend is likely to extend, bringing the price to test lower support areas at 0.004300 and 0.003800 USD – corresponding to the lows established on 29/5 and 25/5.
The daily AB/USDT chart | Source: TradingViewThe momentum indicators on the daily timeframe continue to signal negatively. Specifically, the MACD line is widening its slope in the negative region after crossing below the signal line since November 23, reflecting a strengthening downward trend.
At the same time, the RSI index has slid to a level of 32 from the overbought zone established on November 13, indicating that the advantage currently clearly leans towards the sellers.
However, in a more positive scenario, if AB can maintain the level of 0.005000 USD and bounce back, the price could definitely head up to test the 50-day EMA around the 0.006617 USD range.
Zcash faces the risk of a deeper fall
Zcash has lost the $350 mark after a 19% drop in trading on Monday, marking a bleak start to the new week. As of now, the decline shows no signs of stopping as ZEC continues to lose about 3% in Tuesday's session, gradually sliding deeper towards the important psychological support area around $300.
If the 300 USD threshold is breached, the risk of a continued downtrend is very high, with the next target located in the 187 USD range – corresponding to the low established on October 17.
ZEC/USDT chart on the 4-hour frame | Source: TradingViewThe technical indicators are sending clear negative signals. The RSI on the 4-hour time frame has fallen to 19, indicating a severe oversold condition and overwhelming selling pressure. Meanwhile, the MACD line along with the signal line continues to widen the slope in the negative region, reflecting that the downtrend is still prevailing.
Notably, the 50-period EMA just crossed below the 200-period EMA on the 4-hour chart on Monday, forming a “death cross” – one of the strong sell signals, further reinforcing the short-term downtrend.
In a positive scenario, to regain recovery momentum, Zcash needs to quickly surpass the 400 USD mark again. At that point, the upward trend could resume with a target towards the 50-period EMA around the 463 USD area.
Monero may continue to fall after the “bull trap” on Monday
Monero (XMR) continued to fall more than 1% on Tuesday, following a decline of 6% in Monday's session, indicating that selling pressure is intensifying. The negative start to the week erased the 6% gain on Sunday, leaving many investors “trapped” after buying at the price point of 419 USD.
XMR/USDT daily chart | Source: TradingViewAfter forming a “bull trap”, this privacy coin faces the risk of further fall towards the 372 USD zone — coinciding with the old peak established on 3/6. The negative trend is further reinforced as the RSI index is at 53, signaling weakening buying power and the possibility of shifting the advantage to the bears if it drops below the average (50). Meanwhile, the MACD line is converging with the signal line, indicating that the upward momentum is diminishing and the risk of a bearish crossover is emerging, opening up the possibility of continued decline.
On the contrary, for a reversal recovery, XMR needs to break through the threshold of 442 USD — the peak of the previous Sunday.
SN_Nour
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