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Zcash, Pi Coin, Tensor: Altcoins Showing Strength Against BTC
While the crypto market is largely in red, some altcoins are showing resilience thanks to negative correlation with Bitcoin. This article examines Zcash (ZEC), Pi Coin (PI), and Tensor (TNSR), highlighting their strongest setups and potential price movements.
Why Zcash Stands Out
Zcash maintains a clean chart structure even in a market full of breakdowns. Its one-month correlation with Bitcoin is –0.87, indicating ZEC often moves in the opposite direction of BTC.
Bitcoin’s 100-day EMA is approaching the 200-day EMA, signaling a weakening trend and increasing the likelihood of BTC dropping below $80,000. ZEC has held its flag breakout from November 14, with buyers defending each dip.
Key resistance is at $749. A clean breakout could push ZEC toward $898 and potentially the round-number zone near $1,010. Conversely, a daily close below $488 would invalidate the breakout, potentially leading to a drop toward $421.
Pi Coin Shines Amid Weak BTC
Pi Coin has demonstrated strength while Bitcoin falls, making it one of the notable altcoins in a declining market. Over the past month, BTC has fallen around 19%, while PI has risen nearly 18%.
The seven-day correlation with Bitcoin is –0.87, meaning PI often moves opposite to BTC. Critical resistance sits at $0.25, with a breakout opening the path to $0.29. Support levels lie at $0.22, with the next support near $0.20.
Chaikin Money Flow (CMF) remains positive, signaling strong buy-side pressure. Between November 14 and 21, both price and CMF formed higher lows, indicating capital inflows and potential for further gains if Bitcoin continues to weaken.
Tensor’s Strong Negative Correlation
Tensor (TNSR) also benefits from a strong short-term negative correlation with Bitcoin. Its seven-day Pearson coefficient is –0.90, suggesting it often moves opposite to BTC.
Over the past week, Tensor gained over 340%, with a single wallet accumulating 16 million TNSR, providing steady support despite declining activity on its NFT marketplace. The 20-day EMA has crossed above the 50-day EMA and is approaching the 100-day EMA, indicating short-term momentum overcoming longer-term weakness.
Currently, Tensor trades near $0.24. A breakout above $0.36 and then $0.38 could extend gains to $0.44, with potential to reach $0.72 if the negative correlation holds. If the market rebounds, support lies near $0.17.
