Zcash (ZEC) Poses for a Continuation of Its Upside Correction

The Zcash token has recorded a price increase of 0.51% as of the time of writing. However, it has been consolidating within the price range of $38.50 to $36.00. The ongoing session, however, shows some positivity and may present short-term gains or potentially more substantial returns.

ZEC Statistics:
Zcash Price: $36.27
ZEC Market Capitalization: $588.12M
Zcash Circulating Supply: 16.33M
ZEC Total Supply: 16.33M
ZEC CoinMarketCap Rank: 113

Key Price Levels:
Resistance: $38.00, $40.00, $42.00
Support: $36.00, $34.00, $32.00

ZEC Prints Modest Gains

As of the time of writing, the Zcash daily market has printed only minimal price increases. However, price movements exhibit optimism, suggesting that further price increases may be seen in this market. The latest price candle appears green and is positioned just above the middle band of the Bollinger Bands indicator.

Meanwhile, the upper and lower bands of the indicator appear to be contracting. On the other hand, the Stochastic RSI lines are still descending into the oversold region, failing to reflect the current market sentiment accurately. This calls for a closer examination of price movements in this market.

Zcash Retains Its Upside Hopes

The ZEC 4-hour market indicates that upside forces are still leading. Additionally, the $35.56 price level appears to have provided a strong support base for price activity. The ongoing session seems stable, as no shadows are visible above or below the candle. Nevertheless, the price action remains below the middle band of the Bollinger Bands indicator.

Meanwhile, the Stochastic RSI indicator lines have completed a crossover in the oversold region. While upside momentum still seems to be developing, bullish signals remain consistent. At this point, traders could consider early entry with crypto signals targeting the $37.50 price level for short-term profits.

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