Stratis (STRAT), STEEM and ZCash (ZEC)

Market Overview

While the rally seems to be over, the cryptos are still trading in the green on Thursday. The Bull Run was mainly fueled by Bitcoin but the altcoins also took advantage and recorded considerable gains. Significantly, most of the top 20 assets are showing between 1% to 7% rise in value on the day except Monero (XMR) which is making subtle downside corrections (-0.89%).

Stratis (STRAT) Price Analysis

Although the data on CoinMarketCap shows a more than 7% rise in price in the last 24 hours, Stratis is currently trimming the gains that had been accrued since yesterday. It staged a recovery after declining to test the lows at $2.46 On Tuesday. The crypto smashed through various resistances breaking more barriers at $2.6, at the 38.2% Fib retracement level between lows of $2.48 and the highs at $3.12 close to $7.75, and at $2.95.

Moreover, STRAT/USD exchanged hands above the critical $3.0 level but the lost the steam before hitting $3.15. The 50 SMA failed to hold the price as it corrected lower today, similarly, $2.95 also gave in to bear pressure. However, both of these levels will stand in the way of upside movements as the price retraces steps upwards. STRAT/USD is currently dancing with the 61.8% Fibo support at $2.87.

There is a weak bullish trend forming at the time of writing, besides technical indicators like the stochastic RSI are beginning to recover from the oversold. The 100 SMA is also supporting the price at $2.850. The major support is at the 38.2% Fibo level (former resistance).

STEEM Price Analysis

STEEM is among the few altcoins that are extending the gains and pushing for higher consolidation. It has been trading higher lows and higher highs since the trip it took downstream in June exploring the lows below $1.00. The digital asset recorded lows of $0.99 before embarking on a recovery journey at the beginning of July. However, Until July 16, STEEM/USD was capped below $1.40 with the resistance at the 38.2% Fib level with the previous swing high of $1.92 and swing lows of $0.99 offering most of the resistance.

Although the recent bull rally in the market favored mostly the larger cryptocurrency, STEEM was able to detangle from the selling pressure, rising above $1.6 but the fireworks cooled down before reaching $1.70. There was a bearish reaction although declines were stopped slightly above $1.30 (trendline support). Since the week started STEEM has been battling to shake off the bears but most of the resistance is currently at the 61.8% Fibo, slightly below $1.60. There is an immediate support at $1.50, but a couple of more support areas are highlighted at $1.40 and $1.3.

ZCash (ZEC) Price Analysis

ZCash is currently struggling under selling pressure. The lower declines that took place yesterday were supported a little below $210. The bulls assumed the control leading to higher corrections closing the trading session approximately at $221. On Thursday, Asian trading hours, another upside breakout in an engulfing took the price slightly above the resistance at $230. In fact, ZEC/USD traded above $231 before the bears entered.

Currently, a bear trend is in progress below the 61.8% Fib level close to $220. The trendline is likely to continue offering immediate support. However, if the declines extend, a short-term support is observed at $220 and $217 respectively. On the flipside, $225 is the immediate resistance while $231.38 is the upper supply zone. ZCash price must break above the short-term resistance in order to have $231.38 in sight. In the meantime, a support above $220 will suffice.