Three of Cathie Wood’s funds traded on the ARK bought nearly $ 246 million on the trading day to Coinbase Global Inc. (COIN) shares. Another fund, Amplify Transformational Data Sharing ETF (BLOK), also bought COIN shares. These purchases show that ETFs are eager to buy into the crypto growth story.
However, Blackrock CEO Larry Fink has a different point of view. Fink said institutional investors were fascinated with crypto, but that didn’t translate into demand from institutions around the world.
One of the reasons the fascination didn’t turn into question could be the surge in Bitcoin and other cryptocurrencies. A new survey of professional investors by Bank of America shows that 74% of respondents believe Bitcoin (BTC) is in a bubble.
Such criticism is not new to cryptocurrencies. Traders who ignore the noise and buy fundamentally strong coins generally tend to make huge profits in the long run.
Let’s retouch three tokens that Cointelegraph analyzed earlier this year to see if they have continued their upward trajectory.
ZEN / USDT
Horizen (ZEN) was featured on Cointelegraph on Jan. 12 when the price of the token was $ 28. The token held its momentum, hitting an intraday high of $ 108.77 today, gaining 288% in just three months. Let’s take a look at some of the significant developments that have taken place with Horizen in recent weeks.
Recently, Horizen said the development of the Zendoo MainNet release, scheduled for the third quarter, is on track. The team claims that Zendoo will provide enhanced scalability and flexibility suitable for commercial applications.
Decentralized financing has also opened a plethora of opportunities for investors. Horizen’s partnership with the liquid staking platform StakeHound allows ZEN investors to participate and take advantage of the Ethereum-based DeFi ecosystem.
Additionally, a series of partnerships with APIS, IOTA, DIA and Copper were announced in recent weeks to expand the Horizen sidechain ecosystem. These developments seem to have attracted users as the company said its community grew by 13.2% in the first quarter of 2021.
ZEN rose from $ 52.54 on April 4 to an intraday high of $ 108.77 on April 15, rallying 107% in 12 days. While the bears showed strong resistance at $ 86, the bulls have taken the hurdle with vigor today. The first target target at the top is $ 119.45 and then $ 162.
The sharp rally in recent days has pushed the Relative Strength Index (RSI) above 83, indicating that the ZEN / USDT pair is overbought in the near term. This could result in a minor correction or consolidation in the coming days.
If the bulls are able to flip the USD 86 level in support during the next correction, it will suggest sentiment remains positive and traders are piling on dips. The bulls will then make another attempt to resume the uptrend.
This positive opinion will be voided if the bears drop the price below $ 86. In that case, the pair could fall as low as the 20-day exponential moving average ($ 71). A break under this support indicates the beginning of a deeper correction.
HGET / USDT
Hedget (HGET) was at $ 3.20 when it was highlighted by Cointelegraph on Jan. 14. Since then, the token soared to an intraday high of $ 11.25 on March 31, a return of 251% in about two and a half months.
The protocol has forged partnerships to increase the user base. Hedget announced a partnership with Fire Protocol on March 8 to issue HGET tokens on the HECO chain and to integrate Hedget options into the Fire Protocol ecosystem. This opens the possibility for Hedget to offer option-based insurance mechanisms for the lending protocols in the HECO chain.
On March 9, Hedget announced a partnership with Clover Finance to build and test a two-way bridge between Binance Smart Chain and the Polkadot blockchain. Hedget said it will deploy its platform on the Clover Ecosystem, making it the first options trading platform in the Polkadot ecosystem.
On March 17, Hedget partnered with APYSwap to provide Vault token holders the ability to use options to reduce their temporary loss.
These Hedget partnerships show that the protocol is expanding its user base, which is a fundamentally positive point in the long run.
HGET has been in a correction phase for the past few days. The token fell from a record high of $ 10.95 on March 31 to $ 8.51 on April 11, a 22.28% correction in 12 days. In an upward trend, corrections to strong support levels offer traders a low risk buying opportunity.
The HGET / USDT pair has gained support twice in recent weeks at the 50-day simple moving average ($ 8.17). This suggests that the bulls are aggressively buying the dips towards the 50-day SMA.
The pair has been trading just below the 20-day EMA ($ 8.93) for the past few days. However, the bears have failed to take advantage of this weakness and challenge the 50-day SMA. This suggests that sales are drying up at lower levels.
Both moving averages have smoothed out and the RSI is just below the middle, indicating a balance between supply and demand.
This balance is unlikely to last for long. If the bulls can forcibly drive the price above the 20-day EMA, the pair could test its all-time high. A breakout of this resistance could start the next leg of the uptrend, which could reach USD 12.39 and then USD 15.
This optimistic view will be invalidated if the bears sink and keep the price below the 50-day SMA. Such a move could bring the price down to $ 7 and then to $ 5.18.
ZEC / USDT
Zcash (ZEC) was one of the tokens backed by Cointelegraph on January 14 when it traded at $ 109.93. Since then, the token has continued its march north, hitting an intraday high at $ 252.89 today, a return of 130% in about three months.
Electric Coin Co., the company behind Zcash, announced the next series of upgrades, called Harlo Arc, which will be released on October 1 of this year, along with the activation of Network Upgrade 5 (NU5) and unified addresses.
Halo Arc will include updates to Zcashd, the ECC Reference Wallet apps and the ECC wallet SDKs. NU5 will move Zcash from zk-SNARKs to the Halo testing system and unified addresses will improve usability, ease of interoperability and support Zcash shielding by default.
The ZEC price has experienced a strong upward trend. It is up from $ 162.52 on April 7 to an intraday high of $ 252.89 today, up 55% in nine days. The sharp rally in recent days has pushed the RSI into overbought territory, suggesting the possibility of a minor correction or consolidation.
The first big support on the downside is the 20-day EMA ($ 194). The bulls are defending this support in the current leg of the rally, as evidenced by the strong bounce on April 8.
If the ZEC / USDT pair bounces back from the 20-day EMA, the bulls will try to resume the uptrend. If they succeed, the couple can start their journey to $ 350.
Contrary to this assumption, if the bears drop the price below the 20-day EMA and USD 190 support, it will suggest the start of a deeper correction on the 50-day SMA (USD 155) and then USD 120.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade move carries risks, you should do your own research when making a decision.