TOP 3 altcoins with prominent trends today - October 9

Zcash (ZEC) and Mantle (MNT) have made impressive breakthroughs in the past 24 hours with double-digit gains, surpassing the overall performance of the crypto market. Meanwhile, Pudgy Penguins (PENGU) holds the third position among the digital assets with the strongest rise in the same period, recording an increase of nearly 7% on Wednesday.

From a technical perspective, ZEC and MNT are maintaining a strong upward trend, indicating the potential for continued expansion upwards. In contrast, Pengu is temporarily still constrained within a declining price channel, showing that the upward momentum is somewhat suppressed compared to the two leading names.

The rise of Zcash approaches a critical resistance level

Zcash (ZEC) has seen a jump of nearly 40% on Wednesday, reaching a peak of 185.57 USD – the highest level since April 2, 2022. However, at the time of writing, this upward momentum has paused as ZEC corrected slightly by more than 1% in Thursday's session.

The strong recovery recently has helped the 50-week exponential moving average (EMA) slope upwards and approach the 200-week EMA – a sign of the formation of a golden cross pattern, which is often seen as an indication that short-term momentum is overpowering the main trend.

Weekly ZEC/USDT chart | Source: TradingViewTechnical indicators on the weekly frame continue to reinforce this positive outlook. The Relative Strength Index (RSI) is currently at 88 – well into the overbought zone, reflecting strong buying pressure but also posing a risk of correction, which is common after hot rallies.

At the same time, the MACD line and the signal line are rising in a parabolic shape, while the green histogram bars are clearly extending, indicating that buying pressure remains high.

If ZEC can decisively break above the Fibonacci 78.6% level at 189.17 USD ( measured from the peak in May 2021 at 372.00 USD down to the bottom in July 2024 at 15.78 USD ), the rise could extend to the psychological level of 200 USD. Furthermore, the next strong resistance level is at the historical peak of 372.00 USD established in May 2021.

On the contrary, if buying pressure weakens and the price is rejected at 189.17 USD, ZEC is likely to reverse and test the support area around the Fibonacci 61.8% level at 111.24 USD.

Mantle maintains upward momentum, aiming for higher milestones

At the time of writing, Mantle (MNT) continues to maintain its bullish momentum with an additional rise of 5% on Thursday, following a strong bounce of 17% in the previous session. This momentum is pushing the price closer to the resistance zone R3 at 2.99 USD.

If MNT can decisively break above the 2.99 USD mark, the current upward trend is likely to extend to the R4 region around 3.51 USD.

MNT/USDT daily chart | Source: TradingViewOn the daily timeframe, the RSI indicator is holding at 75 and moving sideways in the overbought zone, reflecting that buying pressure remains stable. At the same time, the MACD line and the signal line continue to trend upward, reinforcing the bullish scenario.

On the contrary, if the upward momentum slows down or there is a correction at the level of 2.99 USD, MNT will receive significant support at the R2 (2.47 USD) and R1 (2.11 USD) — these old resistance levels have now become important buffer zones.

Pudgy Penguins are moving sideways around the 50-day EMA

Pudgy Penguins (PENGU) is currently maintaining a stable state around the 50-day EMA, continuing to move within a descending price channel on the daily chart. As of the time of writing, PENGU has slightly decreased by 1% on Thursday, after rising nearly 7% in the previous session.

Daily PENGU/USDT Chart | Source: TradingViewNotably, the resistance line of the downtrend price channel coincides with the R1 area at 0.036322 USD, while the 200-day EMA at 0.025311 USD is approaching the support threshold below. A closing above the upper boundary of the price channel will confirm a breakout signal, opening up the possibility of extending the rise towards the R2 area around 0.044735 USD.

The technical indicators are still in a neutral state: RSI is at 52, oscillating around the equilibrium zone, while the MACD line and the signal line are moving sideways in the positive zone and gradually heading towards the zero line – indicating that the market is accumulating energy for a new wave of volatility.

On the contrary, if PENGU loses the 200-day EMA line, selling pressure may push the price back to the support area S1 at 0.022874 USD.

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