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Generally, it appears that the crypto market is seeing some significant price increases. Particularly, the ZCASH token has seen more than a 10% price increase. As of the time of writing, this market seems considerably volatile and may run through more elevated resistance price levels.
Key Price Levels:
Resistance: $32.00, $35.00, and $40.00
Support: $30.00, $25.00, and $20.00
ZEC Experiences a Strong Price Increase
With headwinds seeming to have restricted ZCASH’s price increases in the previous session, we can see that the ongoing session has shaken off downward forces. As a result, prices have increased significantly off the $30 support level. This price level lies above all the Exponential Moving Average (EMA) lines.
Meanwhile, the Stochastic Relative Strength Index (SRSI) lines have delivered a bullish crossover below the 20 mark of the indicator. The resulting lines of this indicator suggest that there may still be continued upward movement in this market, as the lines of this indicator aren’t hyperextended. Consequently, it appears that the use of bullish crypto signals has strong backing from technical indicators.
The ZCASH Market Eyes the $32.46 Mark
Price activity maintains a general upside trajectory in the ZEC 4-hour market. Meanwhile, the ongoing session has landed as a tiny correction, which seems generally still overwhelming. The rejection that the ongoing session poses can still be blown away easily, from a technical indicators point of view.
Trading continues considerably above the EMA lines and seems more oriented towards the resistance at the $32.46 mark. Also, the Stochastic Relative Strength Index (SRSI) lines are projecting strongly upwards. Consequently, a breakthrough of the resistance at the $32.46 level seems very possible.
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