The ZCASH market has experienced significant volatility recently, with bulls enjoying the ride as the token’s price continues to surge to higher levels. The market is currently well-positioned for continued upward movement.
ZEC Statistics:
Current ZCASH Price: $42.67
ZEC Market Cap: $702 million
ZCASH Circulating Supply: 16.33 million
ZCASH Total Supply: 21 million
ZEC CoinMarketCap Rank: 82
Key Price Levels:
Resistance: $44.00, $48.00, and $52.00
Support: $40.00, $38.00, and $34.00
ZEC/USDT Experiences Positive Price Contraction
As previously noted, price action in the ZCASH daily market has been bullish. The latest price candle on the daily chart is red, typically indicating that bears are in control. However, the candle’s longer lower shadow compared to the upper one suggests that bullish forces are exerting pressure.
Trading activity remains above all Exponential Moving Average (EMA) lines. The Stochastic Relative Strength Index (SRSI) remains in the overbought region with a slight downward slope, yet bulls are still favored to drive the market higher.
ZCASH Market Gains Bullish Momentum
In the ZEC 4-hour market, price action has bounced off the support formed by the 20-day EMA line. Consequently, the following session rebounded upwards as buyers regained control. The ongoing session has continued the upward movement, validating the earlier-mentioned upside contraction.
This has kept the market above all EMA lines. The SRSI indicator has delivered a bullish crossover in the oversold region, with the lines now trending upward. Therefore, the market is likely to focus on the next psychological price level. Crypto signals targeting the $45.00 mark may attract traders’ attention.
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