Zcash price faces a massive resistance level before a breakout towards $90
|- Zcash price has been trading inside a range above $50 and below $90 for more than four months.
- The digital asset faces one of the strongest resistance levels before $90.
Zcash is currently trading at $72 after a 35% price increase in the past week. The digital asset has tried several times to crack a crucial resistance level at $75 but always failed to stay above it.
Zcash needs to climb above $75 and stay there to see $90
On November 23, 2020, Zcash managed to crack $75 and hit $90 before a massive rejection the next day dropping to $63. The digital asset tried more than a dozen days to climb above $75 again but failed to do so.
ZEC/USD daily chart
Zcash bulls have pushed the digital asset above two crucial moving averages, the 50-SMA, and the 100-SMA, and only face the $75 resistance level. A breakout and close above that level can quickly push Zcash price towards $90.
On the other hand, another strong rejection from this critical resistance level will most likely drive Zcash price towards the lower end of the range at $50 which has been a robust support level since May 2020.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.