Zcash Holds Rally Above $200
Zcash (ZEC) is trading above $225 as of Friday, gaining over 35% this week. This marks its third week of profits. The price is near the 61.8% Fibonacci retracement level at $235.92. This level is based on the May 2021 high of $372.00 and the July 2024 low of $15.78.
If ZEC breaks above $235.92, the next target could be $295, near the 78.6% Fibonacci retracement level. The weekly Relative Strength Index (RSI) is at 91, showing the rally may be overbought and could reverse. However, the Moving Average Convergence Divergence (MACD) shows strong buying pressure.
If the price fails to hold above $235.92, it may drop to the 50% retracement level at $193.89.
Litecoin Price Rises Faster Than Network Use
Litecoin (LTC) rose over 2% on Friday, adding to a 6% gain from the previous day. The price increase is faster than the network activity, shown by the network value to transactions (NVT) ratio. According to Santiment, the NVT jumped to 10.26 from 0.66 on Thursday, while transaction volume stayed steady.
This suggests the price rise is driven by speculation rather than increased use. Litecoin is testing the 78.6% Fibonacci retracement level at $129.09, based on the December 5 high of $147.06 and the April 7 low of $63.08.
A daily close above $129.09 could confirm a breakout and push the price toward the $147.06 peak. The RSI is at 70, near overbought territory, and the MACD shows steady bullish momentum.
If Litecoin reverses from $129.09, it may fall to the 61.8% retracement level at $114.98.
MYX Finance Shows Signs of Recovery
MYX Finance (MYX) gained 6% on Friday after three days of losses. The price bounced from a low of $4.4645 on Monday and remains within a consolidation range. The upper resistance is at $6.4500.
If MYX breaks above $6.4500, it may face resistance near the 50-period Exponential Moving Average (EMA) at $7.0278 or the $8.200 low from September 23.
The RSI is rising to 44 from oversold levels, showing stronger buying pressure. The MACD and its signal line are close, with a possible crossover that could signal a bearish shift.
If MYX falls below $4.4645, the next support is at $2.4591, the August 17 high.
