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The ZCASH token has experienced a significant price increase over the past two sessions. The market gained such volatility that it pushed prices through two psychological price levels. Although today’s trading activity started with moderate volatility, it is evident that it has contracted due to market forces.
Key Price Levels:
Resistance: $45, $50, and $55
Support: $40, $35, and $30
ZCASH Strives to Extend Upside Moves
The ZEC token began the day with efforts to extend the market’s upward movement. This led to a new session starting above the psychological price level of $40. However, it appears that the market has encountered headwinds, and since upside forces are still in play, this has resulted in a price contraction.
Nevertheless, the market remains above the $40 mark and significantly above all the Exponential Moving Average (EMA) curves. Similarly, the Stochastic Relative Strength Index (SRSI) indicator lines are ramping into the overbought region. Consequently, this suggests the market may sustain itself above the newly acquired technical support.
ZEC Sees Only Minimal Downward Correction
The ZCASH 4-hour chart shows that the current session has presented a minimal downward correction. Nevertheless, the market remains above the $40 mark. Also, similar to the daily chart, price action stays significantly above the EMA lines.
However, in light of the minimal downward correction, the SRSI indicator lines appear to have deflected off the 100 mark. Despite this, considering the prevailing trend, market participants can still utilize bullish crypto signals, as the market may continue its upward move toward the $44 price level for short-term profits.
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