Fluctuations in the price of Bitcoin (BTC) are making the news flow in the altcoin market more important. Exceptional altcoins that can differentiate themselves with significant developments promise gains even in a period of decline. For example, today’s CELO announcement caused the price to jump from $0.48 to $0.52 within seconds. This month, ZEN and XTZ Coins are in the spotlight. But why?
Horizen (ZEN) Coin Review
As the 211th largest cryptocurrency, ZEN Coin took an important step to eliminate the risk of legal action and avoid facing the Ministry of Justice. The privacy-focused cryptocurrency now has a brighter legal future. Now, as the network prepares for the testnet scheduled for August, ZEN Coin may come back into focus.
The update for a trouble-free mainnet in legal terms will be made in September. Looking at the price of ZEN Coin, the altcoin has moved away from a decreasing resistance line but has failed to break its main horizontal resistance at $9.45. On the contrary, it was rejected three times and formed long upper wicks.
For now, the struggle continues at the resistance level, and if it fails again, it could drop to $7. However, in an optimistic scenario, we may see it challenging $15 with a 60% increase.
Tezos (XTZ) Review
The Tezos London meeting is taking place today. The event will bring new liquidity features. The price of XTZ broke away from a decreasing resistance line at the beginning of July. Breakouts from such structures are expected to lead to significant increases, but this was not the case for Tezos. On the contrary, the price has been hovering around the breakout level since then.
If the increase does not occur, XTZ may fall to its lowest level of $0.70 with a 17% drop from the current price. In the opposite scenario, the price seems to target the $1.20 resistance with a 45% increase. Today’s upcoming news may support the bullish sentiment.
On the other hand, for the bullish scenarios to materialize, the price of Bitcoin needs to stay above $29,500. However, at the time of writing, the price has dropped below this critical level, supported by the effect of the ADP data. This supports concerns that the recent price jump may be fake. The data to be announced on Thursday and Friday will largely determine the direction of the market. It may be useful to check out our article on the important crypto developments of the week that we shared on Sunday.
