Zcash (ZEC) Market Is Seeing Persistent Price Surge

With Bitcoin having reached an all-time high of $75,000, most altcoins are beginning to see massive gains. Zcash stands as one of the prominent examples of altcoins that are gaining massive traction currently. As a result, this coin has seen a price increase of 7.62% as it takes the second spot among the top crypto gainers today.

ZEC Statistics:

Zcash Price: $45.33

Zcash Capitalization: $734.37M

ZEC Circulating Supply: 16.33M ZEC

ZEC Total Supply: 16.33M ZEC

Zcash CoinMarketCap Rank: 94

Key Price Levels:

Resistance: $50.00, $55.00, $60.00

Support: $45.00, $40.00, $35.00

Zcash Market Is Extending Its Massive Upside Retracement

Since the previous session, the ZEC token has been witnessing considerable bullish activity. Yesterday’s trading activity saw a sustained massive upside movement, while today’s trading has started on the same note. As a result, price action stands significantly above all the Moving Average (MA) lines on the token’s daily price chart.

This token now trades above the $45.00 price level, and the 50- and 100-day MA lines seem to be drawing closer to each other for a crossover below price movements. Simultaneously, the Stochastic Relative Strength Index (Stochastic RSI) lines can be seen rising sharply upwards but proportionally with price movement. This underpins the opinion that bullish momentum in this market is solid.

The ZEC Market Continues to Rise Despite Signs of Rejections

Upside momentum seems quite persistent in the Zcash market. As a result, even the latest session on the token’s 4-hour chart stays in the green. However, the appearance of an upper shadow above the last price candle on the ongoing session and the previous suggests that price activity may be seeing some rejections.

Nevertheless, price action in this market stays above the just-broken resistance price level at $45.00. The Stochastic RSI indicator continues to affirm that upside forces are persistent at this point. This is seen as the lines of the indicator continue to trend sideways at the indicator’s 100 mark. Although price action remains above all the MA lines, traders can anticipate a pullback towards the technical support at the $45.00 price level.

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