Polkadot, XRP, Zcash, Dogecoin Price Analysis: 22 March
The altcoin market reacted well to the bullishness of Bitcoin in recent hours. Polkadot and XRP climbed past significant short-term levels, while Zcash presented areas where buying opportunities could arise. Dogecoin hinted at a possible lack of demand in the rally of the previous day.
Source: DOT/USDT on TradingView
Polkadot formed an ascending channel pattern (white) on the charts. The pattern had some validity as the price has consistently bounced between the upper and lower boundaries, while also respecting the mid-point of the channel (dotted white) as support/resistance along the way.
The indicators showed heavy buying volume on the volume indicator in recent trading sessions and a pump upward in price. The RSI reached overbought territory above 70 and fell slightly, while the Stochastic RSI also formed a bearish crossover. A retest of the $19-$19.2 area could be a buying opportunity.
Source: XRP/USDT on TradingView
XRP climbed past the mid-point of a descending channel that it has been trading within since mid-August last year. This was a significant development, especially when compared with its uptrend in the past week. The price has registered a series of higher lows and has also beaten a local high at $0.84 in the same time period.
The RSI was at 61 to show strong bullish momentum, while the OBV has also been steadily climbing.
Source: ZEC/USDT on TradingView
ZCash has performed very well in the market in the month of March as it climbed from the $110 lows to beat the long-term supply zone at $145. At the time of writing, it was trading at $178.7 and rising quickly.
In the near term, the $175 area and the $168 area (cyan boxes) can be expected to act as regions of demand for ZEC. To the upside, strong resistance lies
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