Bulls in the Zcash daily market are relentless, having printed a price increase of 2.11%. This has kept price action hovering just below the $44.00 price level. Additionally, price movements in this market can be seen as sustaining above the $42.152 mark. Let’s take a closer look.
Zcash Price Action Stays Well Positioned to Ride Tailwind
Price activity in the ZEC daily market has retained its elevated position following an upside explosion that started on July 8th. As a result, the market has continued to consolidate above the established support at the $42.152 price level. This price level lies very close to the upper limit of the Bollinger Bands (BB).
The BB indicator can be seen adhering to a general upside trajectory. As a result, the downward trajectory of the Stochastic Relative Strength Index (SRSI) indicator seems a bit exaggerated given that price action hasn’t experienced any significant downward retracement.
ZEC Market Seems Eyeing a Breakthrough of the $44.00 Mark
The last price candle on the Zcash 4-hour price chart appears red. Nevertheless, this price candle is above the middle limit of the BB indicator. Additionally, the BB indicator itself looks a bit contracted compared to its appearance on the daily chart.
The SRSI indicator has performed an upside crossover deep in the overbought region. Coupled with the session’s stance above the middle limit of the BB indicator, this suggests that traders may be eyeing crypto signals targeting price levels above the $44.00 mark.
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