Privacy Coins and Luna Classic Lead Market Gains
Privacy coins, including Canton (CC) and Zcash (ZEC), showed strong gains in the last 24 hours. Luna Classic (LUNC) also rose significantly. Privacy coins have a positive technical outlook. Luna Classic may see volatility ahead of Do Kwon’s court hearing on Thursday.
Canton Faces Key Resistance Levels
Canton fell 2% on Tuesday after rising for three days straight. The coin gained 18% on Monday. It broke out of a falling channel in the 4-hour chart, suggesting more gains ahead.
- If CC closes above the R1 Pivot Point at $0.080, the rally might reach the next resistance at $0.095.
- The 4-hour Relative Strength Index (RSI) of 63 shows strong buying but is below the overbought zone.
- The MACD indicator points to rising bullish momentum.
- If Canton drops below the 50-period Exponential Moving Average (EMA) at $0.072, it might fall to the low of $0.058 from Saturday.
Zcash Recovery Nears Key Resistance
Zcash had an 18% rise on Monday, climbing back above $400. On Tuesday, it trades just above $400. Buyers aim to pass the 50-day EMA at $412.
- Closing above $412 could push ZEC toward $500.
- The daily RSI at 46 is moving up from oversold levels, showing less selling pressure.
- The MACD nears its signal line, hinting at a possible bullish crossover.
- If ZEC falls below $400, it could test support at $298 from October 11.
Luna Classic Eyes Gains Ahead of Court Hearing
Luna Classic heats up before Do Kwon’s fraud sentence hearing on Thursday. Kwon pleaded guilty to fraud tied to the $40 billion Terra ecosystem collapse.
On Tuesday, LUNC rose over 4%, adding to Monday’s 9% gain. The token trades above the 200-day EMA. Bulls target the Friday high near $0.0000700.
- The RSI is 69, close to the overbought zone, signaling strong buying.
- MACD and signal lines show growing bullish momentum.
- If LUNC drops below the 200-day EMA at $0.00005161, support lies near the 50-day EMA at $0.00003925.
