Last week concluded with a downturn as the cryptocurrency market faced a significant crash on Black Friday. This downturn, sparked by renewed tensions surrounding tariffs between the US and China, resulted in the liquidation of over $20 billion in leveraged positions. Nevertheless, amidst the chaos and fear in the market, several US-based cryptocurrencies have demonstrated resilience, with some even experiencing a rise in investor interest. Here are three cryptocurrencies originating from the US that are noteworthy as the market begins to stabilize in the third week of October.
Horizen (ZEN)
ZEN, the native token of Horizen, a blockchain platform emphasizing privacy through its zero-knowledge proof technology, has shown remarkable stability despite the recent market fluctuations. Currently priced at $14.37, ZEN has appreciated nearly 15% since the crash on Friday. Analysis of ZEN through the Moving Average Convergence Divergence (MACD) indicator indicates a resurgence in bullish sentiment, as the MACD line (shown in blue) is positioned above the signal line (shown in orange), a scenario known as a bullish crossover.
The MACD is a popular trading tool that assists in identifying changes in an asset’s trend and the intensity of its price movements. A crossover where the MACD line rises above the signal line signifies increasing buying momentum, suggesting that demand is surpassing selling pressure. Conversely, a crossover below the signal line may indicate weakening momentum and potential for a price drop. In the case of ZEN, the current MACD arrangement suggests that buyers are in control, and if trading volume continues to grow, the token’s price may exceed $15.00. However, a surge in profit-taking could lead to a drop to $13.124.
Basic Attention Token (BAT)
BAT, the utility token associated with the Brave Browser, is another American cryptocurrency that has attracted renewed interest from traders. Although the token experienced a 23% decline during the crash on Friday, it has since rebounded impressively by 63%, reaching an eight-month high of $0.2102 at the time of writing. The daily chart for BAT indicates that this surge has propelled its price above the 20-day Exponential Moving Average (EMA), which currently serves as dynamic support at $0.1572.
The 20-day EMA averages the asset’s price over the last 20 trading days while giving more significance to recent price movements. When a cryptocurrency trades above this critical moving average, it indicates strong bullish momentum, hinting at the possibility of a sustained rally. If this trend persists, BAT’s price could aim for $0.2324.
SUPRA
SUPRA is the native token of Supra, recognized as the first blockchain designed for automatic decentralized finance (DeFi). After experiencing a 10% drop in price on Friday, SUPRA has steadily recovered, making it another notable US-based cryptocurrency this week. The daily chart for SUPRA reveals that its Chaikin Money Flow (CMF) is on the rise and has moved above the zero line, indicating an increase in capital inflow.
The CMF is an indicator that tracks the flow of money into and out of an asset. When this value rises above the zero line, it signifies stronger buying pressure. Conversely, a value below zero indicates capital outflows and a potential increase in selling momentum. The upward trend in SUPRA’s CMF reflects a shift toward net inflows and heightened accumulation among traders. Should this momentum continue, SUPRA could rise to $0.002786 in the upcoming sessions. However, if profit-taking accelerates or overall market sentiment falters, the token may retrace to approximately $0.002130.
