After a steep drop, the crypto space is trying very hard to rebound with a notable margin
With Bitcoin retracement, the altcoins tend to follow and hence a remarkable upswing could be on the cards
Despite the attempt to prevent further loss, yet the altcoins need to sustain at certain important levels to reverse the downtrend
The crypto space experience a massive blood-bath, somewhat similar to that of the mid-may crash, yet with low intensity. The plunge in Bitcoin price of about more than $7000 in minutes amazed the space. And the Ethereum price, Cardano price and XRP price also appeared to have shaken up. Therefore, while the major cryptocurrencies dip, yet the altcoins with low market cap follow. ZCASH, HOT, HBAR, CHZ, etc price struggling to shed more gains.
Following the market trend, the ZCASH price also had bottomed hard to hit $121. Yet with strong bullish momentum, the asset rebounds well. The price accumulated well after a substantial uptrend from its lows. On the path to hit $200, a major crash dragged down the price below. However, the price rebounded before the strong support levels at $102, hence keeping the hopes alive for an uptrend. However, the levels surrounding $174 are pivotal to head towards the target.
Holo (HOT) Price
Holo price has experienced a massive breakdown every now and then. The recent attempt to smash the immediate resistance levels at $0.0165 also went in vain due to bearish market sentiments. Yet the assets appear to be in the bearish trap and could visit lower lows. Currently testing one of the important support levels at $0.009532 & a bounce could change the game.
Hedera Hashgraph(HBAR) Price
HBAR price appears to be more consistent compared to the other altcoins in the crypto space. After an extensive rally in the first half of 2021, the mid-may crash could not extract much of the price. However, despite multiple pullbacks, yet the price continued to propel high aiming the set target. The recent crash has neutralized the gains of the past couple of days, yet hitting $0.33 could confirm an uptrend.
Chiliz (CHZ) Price
Chiliz price amazed the crypto space with huge spikes that faded later. The mid-may crash affected teh price rally to some extent, as it continued to consolidate for a very long time. Yet in very recent times, the price initiated to climb high. Woefully, the fresh downtrend dragged the price below $0.3, yet bounced back perfectly. Currently, it is important for the price to march above $0.45 to confirm the uptrend.
To summarize, the altcoins are following a substantial retracement following a steep fall. As BTC price, ETH price, ADA price and XRP price are recovering their losses, many altcoins also follow. And hence an upcoming couple of hours could be extremely crucial for the price to sustain within the uptrend.