Zcash(ZEC) Price Analysis: Achieving The Long Term Target, What To Expect Next?

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  • ZEC/USD gave a breakout on January 9,2021 after forming triangle pattern
  • The rally caused bulls too charge 53% in two days
  • ZEC/USD has tested the high of 2020 but indecisiveness of line charts 

Zcash or ZEC/USD gave a breakout on January 8, 2021 which resulted in a two day long bull run of 54% but took a breather this morning after reaching the high of 2020. ZEC/USD is testing the resistance of $98-$100 currently, an upward movement canmake the coin surge to $107. A decline from the current level will push Zcash to $87-$88 or even to $80 levels. The volume and market cap are $1,361,741,620 and $1,027,572,920 respectively. 

Zcash: Is There Any Steam Left In This Rally? 

Zcash or ZEC/USD after giving the breakout rushed to test the high of 2020 within 2 days, however today the coin created a doji candle with long wicks indicating partial profit booking and fresh buying in the coin. The coin is so far sustaining the resistance but haven’t confirmed the breakout. A further movement can make the coin to test the highs of 2019 residing at $107 and $114.

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The Bollinger Bands are wide open, signalling high volatility. The lower band is contracting which signals a reduction in selling pressure for the coin. The coin may sustain this resistance and with today’s fresh buying reach to next high of $107. The median (10 SMA) is at $71.

The stochastic is in overbought territory and the signal line is crossing down the slower line but it shouldn’t be treated as a selling signal unless the coin itself falls or stochastic falls below 80 levels. 

MACD(8,21,5) is showing signs of weakness in the trend as the signal line and slow line have drifted apart making divergence which often cause consolidation or reversals. MACD lines are currently at the resistance of 6.22. A further surge is required to bring bulls back in the rally. 

Conclusion

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ZEC/USD(ZCASH) is at a crucial resistance currently. Any fresh buying or fresh selling will decide the future movement of the coin. Considering the market sentiments, it might see fresh buying. 

Support: $87 and $80

Resistance: $108(today’s high) and $114(High on June 27, 2019)

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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