Zcash (ZEC/USD) Builds Momentum as $80 Comes Within Reach
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The Zcash market is experiencing a resurgence, poised to retest or potentially rally toward its previous high of $80, a peak it reached in early December. The bullish momentum began in October but significantly accelerated in November. During this period, traders entered the market aggressively, causing a spike in volatility.
This surge in buying activity may have signaled to some traders that it was time to take profits, leading to a sell-off around the $80 level. The resulting bearish pressure from this profit-taking phase was considerable. However, the bulls managed to establish a higher support level at $50, highlighting their resilience and the market’s potential for further upward movement.
Zcash Market Data
- ZEC/USD Price Now: $74.54
- ZEC/USD Market Cap: $1.23 billion
- ZEC/USD Circulating Supply: 16.3 million
- ZEC/USD Total Supply: 16.3 million
- ZEC/USD CoinMarketCap Ranking: #83
Key Levels
- Resistance: $80.00, $85.00, and $90.00
- Support: $50.00 $45.00, and $40.00
Zcash Market Through the Lens of Indicators
From the newly established support at the $50.00 level, the bulls, leveraging ongoing market volatility, staged a significant and dramatic rebound. This upward momentum has propelled the crypto signal toward the critical $80.00 level, where the previous bull run peaked. Given the presence of bearish bias at this resistance point, it is reasonable to anticipate challenges for the current bullish trend as it approaches $80.00.
Today’s trading session is represented by a Marubozu candlestick, signaling strong bullish dominance throughout the day. However, due to heightened volatility and the persistent bearish bias at $80.00, the market’s reaction upon reaching this level is crucial. It could either result in a reversal or a period of consolidation.
In the event of a reversal, the ongoing bullish momentum may enable the bulls to establish a higher support level. This higher support could strategically position the Zcash market for a continuation of the bullish trend.
ZEC/USD Price Prediction: 4-Hour Chart Analysis
From the 4-hour chart, we initially observed price action consolidating around the $70.00 level as demand and supply remained balanced for some time. However, in the current trading session, a significant breakout occurred, with the market price diverging upward from the $70.00 level, signaling strong bullish momentum.
Despite this bullish movement, caution is warranted, as indicators suggest the market is entering overbought territory. This could indicate an impending correction. New traders are advised to wait for the formation of a higher low before entering the market, ensuring a more favorable and less risky entry point.
