Zcash (ZEC) Sustains Above the $1,000 Baseline
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- Zcash has strong bullish momentum, with the price holding above $1,200 and the 9-day EMA.
- SRSI remains in the overbought region, suggesting further upside potential.
- ZEC could target $1,500, with $2,000 as the next target if resistance is breached.
The Zcash token has gained significant momentum in recent times. The coin recently traded below the $500 threshold, and as such, the market has rewarded those who bought at or below that level. Are there still more opportunities in this market? Let’s find out below.
ZEC’s 24-Hour Market Chart
The Zcash market jumped significantly in the previous session, pushing the price to new heights above the $1,000 level. Although the ongoing session is bearish, the token remains trading above the $1,200 price mark.
Likewise, the market, at the time of writing, still stands above the 9-day Exponential Moving Average (EMA) line. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are still rising and currently stand around the 82 level.
ZEC Market Retains a Promising Outlook
Judging from the movement of price activity, we can see that the market has maintained a steady upward trend. The ongoing session, however, has introduced a modest pullback, yet the market remains generally above critical technical levels. The SRSI indicator lines can also be seen moving upward into the overbought region. Therefore, the market may still experience further upward movement.
Zcash Eyes the $1,500 Mark
As it stands, the ZEC market may still edge higher. As such, the next psychological resistance level could be the $1,500 mark. A successful breach of this resistance level could signal that the $2,000 level is the next psychological target.
