Starknet, Zcash, and Artificial Superintelligence Alliance Surge in Recovery
In a thrilling twist in the cryptocurrency market, Starknet (STRK), Zcash (ZEC), and Artificial Superintelligence Alliance (FET) are showcasing impressive resilience, each posting double-digit gains over the past 24 hours. As many cryptocurrencies grapple with short-term declines, these three coins are not just holding their ground but are aiming to extend their resurgence, especially focused on privacy and artificial intelligence sectors.
Starknet: Setting Up for a Breakout Rally
Starknet is currently experiencing a remarkable upward trajectory, seeing a 10% hike on Thursday alone, building on a strong 21% rise just a day prior. This Ethereum layer-2 solution leveraging zero-knowledge proofs is making waves as it surges past a local resistance trendline on the 4-hour chart, reaching its highest trading price since February 2.
At the time of writing, Starknet trades above the R1 Pivot Point at $0.2657. The Relative Strength Index (RSI) has surged to 72, creeping into the overbought zone, which is a signal of strong buying activity. Should STRK manage to maintain a decisive close above $0.2657, it may set its sights on the R2 Pivot Point at $0.3139.
Adding to the bullish sentiment, the Moving Average Convergence Divergence (MACD) indicator portrays a solid uptrend, illustrated by rising green histogram bars that suggest increasing bullish momentum. However, if the momentum falters, a retest of the 50-period Exponential Moving Average (EMA) at $0.1973 could be on the horizon.
Zcash: Aiming to Rechallenge Key Resistance
Zcash has also made a notable comeback, trading above $670 at the close of Thursday. The cryptocurrency has bounced back from the 50-period EMA on the 4-hour chart and is inching toward the significant $700 target. However, the real challenge remains at the $750 resistance level, which has proven resilient since November 7.
The recent upswing in ZEC prices marks a potential trend shift, highlighted by the MACD crossing above its signal line, which indicates a resurgence in bullish pressure. Nonetheless, caution is warranted as the RSI currently sits at 58, suggesting a slight weakening in buying momentum.
If Zcash fails to break above $700, it may need to reevaluate and could find support at the 50-period EMA at $609 or the S1 Pivot Point at $501 if conditions deteriorate.
Artificial Superintelligence Alliance: A Vulnerable Retest
In contrast, the Artificial Superintelligence Alliance token has faced a slight setback, dropping 3% on Thursday after previously recording a robust 10% gain. Despite this pullback, it’s essential to view it as potentially a retest of the breakout on the resistance trendline established on the 4-hour chart, connecting the highs from November 8 and 18.
Should FET manage a rebound from this retest, it could target the R1 Pivot Point at $0.3543, maintaining bullish aspirations. Strength is hinted at in momentum indicators; the MACD trend remains positive with higher green histogram bars. Additionally, the RSI at 61 approaches the overbought zone, reflecting rising buying pressure.
However, a slip below the 200-period EMA at $0.3133 could undermine the breakout, putting the cryptocurrency at risk of retreating to the 50-period EMA at $0.2944.
As Starknet, Zcash, and the Artificial Superintelligence Alliance navigate through this recovery phase, traders and investors remain keenly observant of market dynamics, hoping to capitalize on the potential breakout movements in the days ahead. Each of these cryptocurrencies exhibits distinct characteristics, making them intriguing focal points in the volatile crypto landscape.
