SUSHI, XRP, Zcash Price Movement Analysis for 23rd March, 2021

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Although Bitcoin’s presence on the broader altcoin industry remains as strong as it has always been, it is not universal and consistent throughout the board. The same was apparent when the price movements of altcoins such as XRP, SUSHI, and Zcash were observed over the last few days. While some coins, such as SUSHI and Zcash, started to fall as a result of BTC’s movement, XRP, much to the dismay of some, started to climb again.

XRP

Source: XRP/USD on TradingView

XRP, once a fixture in the top-5 of the cryptocurrency industry, was ranked 7th on CoinMarketCap at the time of publishing. Legal proceedings and delistings have not only had a substantial impact on volumes and values, but have also enabled other cryptos such as Polkadot, Cardano, and Binance Coin to overshadow it.

In contrast to the majority of the altcoin industry, XRP was surging on the charts, despite the fact that BTC was failing to break through $55,000 at the time of publication. In fact, the alt had risen by more than 13% in less than a day. Prior to that, though, when Bitcoin first corrected itself, so did XRP.

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The Parabolic SAR’s dotted markers were just under the price candles, and the Chaikin Money Flow was climbing above zero, reflecting the market’s bullishness.

According to a recent report, there is a risk that selling pressure will rise in the altcoin market. This is somewhat doubtful if the Relist XRP movement gathers traction.

 

SUSHI

Source: SUSHI/USD on TradingView

SUSHI, the market’s eighth-largest DeFi token, was one of several altcoins to drop sharply on the charts as a result of Bitcoin’s latest corrections. In reality, SUSHI has lost over 17% of its value in the last three days alone, with the token forecast to lose even more in the near future. The cryptocurrency was traded at a pace last seen in the first week of March at the time of publishing.

SUSHI’s indices stood with the market’s bulls, despite very low trading levels. At the time of publication, the mouth of the Bollinger Bands was drooping south, but the Awesome Oscillator indicated an increase in negative business traction.

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Despite recent results, a case can be made that cryptos such as SUSHI and AAVE can lead the next altcoin recovery in the sector.

 

Zcash [ZEC]

Source: ZEC/USD on TradingView

Zcash, one of the market’s leading privacy coins, has been on a downward slope since hitting a local high on the charts a few days ago, similar to SUSHI before it. In fact, the altcoin has dropped by more than 17% since then. As a result of this, ZEC was more than 95% off its all-time high from over four years earlier at the time of publication.

Although the MACD was far below the Signal line, the Relative Strength Index was approaching the oversold zone, highlighting the market’s bearishness.

 

 

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