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The Zcash. market has picked up some more bullishness today. As of the time of writing, the token has shown a price increase of 7.31%. Likewise, price action in the market can be seen above some technical landmarks, which suggests that upside forces are more dominant at this point.
ZEC Statistics:
Current ZCASH Value: $25.75
ZEC Market Cap: $421,943,287
Zcash Circulating Supply: 16,328,269 ZEC
ZEC Total Supply: 16,328,269 ZEC
Zcash CoinMarketCap Rank: 167
Key Price Levels:
Resistance: $26.00, $27.00, and $30.00
Support: $25.00, $24.00, and $23.00
Price Action in Zcash Makes a Steady Approach Towards Higher Price Levels
Price Action in Zcash Makes a Steady Approach Towards Higher Price LevelsIt was previously mentioned that price action in the Zcash daily market has gained additional traction. This can be seen as price activity for the past two sessions is now above the 9-day Moving Average (MA) curve. This demonstrates that the market is trending upward.
In addition, the Stochastic Relative Strength Index (SRSI) indicator lines can be seen taking an upward path above the 80 level. This also confirms the earlier stated opinion that the market is in an uptrend. However, a closer look at the last price candle, which represents the ongoing session, reveals that downward forces are causing a downward correction in the ongoing session.
ZEC Bulls Are Well Positioned to Resist Downward Corrections
ZEC Bulls Are Well Positioned to Resist Downward CorrectionsWhile the characteristics of the last price candle from the ZEC daily market persist on the 4-hour market, upside forces seem to maintain a strong stance. On the 4-hour market, it is revealed through an upside-sloping trendline that price action has been making higher highs. Also, the last two sessions have been under the control of upside forces. Furthermore, trading activities are still above the MA lines as they were in the daily chart.
Here, the SRSI indicator lines can be seen delivering an upside crossover in the oversold region below the 40 mark. This suggests that, despite the observed bearish contraction, the market may still maintain an overall upside trajectory. This, therefore, hints that bullish crypto signals are still useful in this market. At this point, traders can eye resistance above the $26.00 level and a possible subsequent advancement toward the $27.00 mark.
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