Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
The Zcash market stands as the second most profitable coin on today’s list of trending cryptocurrencies at the time of writing. Price activity has just rebounded off a key support level and now has the potential for further upward movement. A more detailed analysis is provided below.
ZEC Statistics:
Current Price: $36
Market Capitalization: $579.91M
Circulating Supply: 15.88M ZEC
Total Supply: 15.9M ZEC
CoinMarketCap Rank: 97
Key Price Levels:
Resistance: $40, $50, $60
Support: $30, $25, $20
Zcash Rebounds Off the 20-Day MA
The mentioned upside rebound in the ZEC daily market occurred off the 20-day Moving Average (MA) line. This was enough to place the coin in the second spot on today’s list of trending cryptocurrencies. The corresponding price candle for the ongoing session has appeared green, keeping prices above the 20-day MA line.
Meanwhile, the Stochastic Relative Strength Index (RSI) lines are still responding to the sharp price decline seen in the past two sessions after price action tested resistance at the 200-day MA line. The Stochastic RSI lines are still descending toward the 30 mark, indicating that downward forces exert significant influence over a longer time frame.
ZEC Makes Rapid Upside Advancements
In the Zcash 4-hour market, bullish forces are making notable progress. Price action has risen past three out of four MA lines. The latest price candle remains conspicuous despite minimal contractions in the ongoing session.
Likewise, the Stochastic RSI lines continue moving upward while still in the oversold region. Upon closer examination, price action and the Stochastic RSI lines appear to be moving proportionally. Therefore, it seems likely that bullish forces may eventually push price action past all MA lines. Consequently, traders can target the $40.00 or $45.00 price levels.
Make money without lifting your fingers: Start trading smarter today
[xyz-ihs snippet="Markets"]Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
