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Over the past 24 hours, losses in Bitcoin and Ethereum alone have reversed almost $106.9 billion in value from the industry leaders.
At the time of publication, Bitcoin was valued at $57,605, while Ethereum was trading at $2,265, down 7.3 percent and 8.4 percent, respectively. The consequences of these losses were felt in the industry, and privacy coins like Dash and Zcash were no different.
DASH has moved closer to $294 support, while ZEC has moved closer to $207.9 support. XRP saw a sell-off as well, but the bulls kept on to the 38.2 percent Fibonacci Retracement stage of $1.31.
Dash has retraced from above $400 and is now trading at a support level of $294. A bearish convergence in the MACD signalling a change in market dynamics as bears took over. The index remained above the half-line, and some support lines could help the bulls even though the index moved south.
The first strong area of funding was located around $250, which also coincided with the 200-SMA. The second was about $220, and it had seen some buying during the most recent upcycle. The OBV was in an uptrend, but it fell as traders panic-sold. It did, however, rebound by the time this article was published, and the bulls retained their press-time support.
XRP was in the middle of a sharp sell-off, with its value down by 17.5 percent in the last 24 hours. The Squeeze Momentum Indicator revealed heavy momentum in the hands of sellers, implying that traders were now profit-taking following the recent rally. On the 4-hour scale, XRP bulls seemed to be defending the 38.2% Fibonacci Retracement level at $1.31.
In the event of a break below this level, the 50 percent Fibonacci level at $1.139 could buffer an extended sell-off, but a stronger support lay at the 61.8 percent level, which was close to the 200-day simple moving average (green). At the time of publishing, the RSI had escaped oversold territory, but it would most likely stick below 40 in the coming sessions.
Since March 25, Zcash has been in a steady uptrend, peaking near $300, but a wider market pullback seems to have halted its upward trajectory. On the 4-hour timeframe, a long red-bodied candlestick emerged, accounting for losses of approximately 23% in a single session. In reality, a single candlewick fell as low as $190 before the bulls saw a revival.
Meanwhile, the Chaikin Money Flow indicator was above the half-line, suggesting that capital inflows could support ZEC in the event of incoming losses. If the current defences are broken, new lines of protection are located at $192.08 and $176.18.