Crypto Market Declines, but These Altcoins Stand Strong

The cryptocurrency market is experiencing a significant downturn today, yet several altcoins are outperforming the rest.

Key Takeaways

The overall crypto market is down sharply, with Bitcoin and Ethereum facing notable losses.
Some altcoins, such as Internet Computer (ICP), Zcash (ZEC), and DASH, are showing strength during this downturn.
ICP has broken past a crucial resistance zone, indicating potential bullish momentum.
ZEC continues to trade within an upward channel and is supported by the 55 EMA, though volatility is decreasing.

crypto market

Despite a sharp fall in the crypto market today, with Bitcoin sliding 3% and Ethereum (ETH) dropping 5% in the last 24 hours, numerous altcoins are seeing substantial losses. However, some altcoins, including ICP, ZEC, and DASH, are resisting the downward trend and displaying impressive resilience in this broader market decline.

Internet Computer (ICP)

The price of Internet Computer (ICP) has surged beyond the historical resistance levels of $4.45–$4.70, which had previously constrained upward movement before the October 10 flash crash.

This breakout is not yet confirmed on the daily chart, as the current daily candle needs to close above this level. However, it follows a breakout from a descending triangle pattern, accompanied by a bullish crossover between the 21 EMA and the 55 EMA on November 1.

Typically, descending triangles are expected to resolve downwards, especially in bearish market conditions. In this instance, however, ICP’s breakout demonstrates the ability to defy the anticipated bearish behavior. On the 4-hour chart, the trend remains robustly bullish, characterized by a clear sequence of higher highs and higher lows, with the most recent significant swing low around $3.60.

For continued upward momentum, ICP's price must convert the previous swing high of $4.30 into support. Even if the price reverts lower, maintaining above the $3.60 swing low will preserve the bullish pattern of higher highs and higher lows. Sustaining the 21 EMA as dynamic support would further bolster the bullish outlook.

ICP price 4H chart | TradingView

Zcash (ZEC)

Zcash (ZEC) has been trading within a well-established ascending channel and is currently approaching the upper boundary, where the price is consolidating just beneath this limit on the 4-hour chart. The upward trend is reinforced by the 55 EMA, which serves as a reliable dynamic support currently positioned near $375.

However, volatility appears to be diminishing, with the BBWP indicator hovering around 60%, noticeably lower than during previous tests of the channel's upper boundary.

As long as ZEC remains within the ascending channel and stays above the 55 EMA, the broader bullish trend is likely to continue. Nevertheless, the persistent decline in volatility may suggest that the trend is maturing, resulting in more measured price movements rather than impulsive swings.

ZEC price 4H chart | TradingView