Lorenzo Stroe
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin price rises as Dell's founder and CEO again tweets about Bitcoin
Bitcoin price is breaking above the falling wedge pattern on Monday and trades 1% up at the $63,400 level. On-chain data shows a decline in miners' selling activity, positive funding rates, and increasing open interest, suggesting potential price gains in the coming days.
Ripple ruling was relied upon by Judge in SEC vs. Binance lawsuit, XRP extends gains
Ripple ruling that states XRP is not a security in secondary market sales was cited by Judge in SEC vs. Binance lawsuit. The ruling acted as a precedent, and the Judge clarified whether secondary market sales of crypto were securities.
Crypto Today: Traders take $12 billion in profits in June, this will be the effect on Bitcoin
Bitcoin traders realized over $12.3 billion in profits on their holdings in June. Ethereum ETF issuers have at least one more round to go before SEC approval. Ripple ruling set a precedent for SEC vs. Binance lawsuit, XRP extends gains on Monday.
Binance starts monitoring these eleven tokens that are riskier than other cryptocurrencies
Binance, one of the largest crypto exchanges by trade volume, is planning to close monitoring with the risk of delisting from exchange several tokens that it deems more volatile and riskier than other cryptocurrencies.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.