It is a daily technical analysis by Coindesk analyst and chartered market technician Omkar Godbole.
Privacy-protection digital currency ZCash (ZEC) prices have moved beyond a major resistance or supply area, which further indicates large benefits.
Since February, ZEC has traded sideways, with sellers dominate above $ 40. Meanwhile, Dips near $ 25 have received consistent support, maintaining the price within a narrow range.
According to the data source tradingview, on Sunday, buyers finally succeeded in chewing through a long-held supply area of $ 40- $ 43, hitting a high level of $ 45.80 on Crypto Exchange HTX.
The so -called range breakout is like closing a spring after creating the demand during consolidation. This release of stored energy often results in a fast, rapid step.
The technical analysis theory suggests the range width, or the spread of the spread between the upper and lower boundaries to the breakout point. In the case of ZEC, the measured trick method indicates a rally to $ 60.
The value runs through long -held resistance levels, as in the case of ZEC, often breakouts draw bids from traders. These institutions want to enter the positions when the price of an asset runs beyond a defined support or resistance level, the aim is to capitalize a constant trick on a high or low.
ZEC’s colleagues, Monroe (XMR), recently play with a rapid golden cross with a large and longer range, which has increased at a high level above $ 300. Readers should note that chart patterns do not always work with intentions.
