Zcash broke its 5-month long resistance and on the 24-hour chart, the ZEC/USD pair exhibits a notable uptrend after the crash in March. The massive sell-off then led the coin to retest support levels as low as $18. With the newly gained uptrend, ZEC is holding support from its daily MAS at $52 and $47, so let’s read more in the Zcash news.
With the slight increase in the altcoin market, many of the coins have been hitting new highs and reclaiming previous resistances which were previously trading laterally. Zcash and Chainlink, along with Cardano and Tezos have been gaining a lot of momentum lately and these are only a few altcoins that have lured a lot of investors to their networks. With the increased momentum and spurring price, the ZEC’s coin price experienced a bullish candlewick that was crossed before above the 20-day Bollinger Band on the 24-hour charts.
On the daily charts, Zcash shows a visible uptrend with the constant momentum after the recent March crash. It was just a few hours in the trading session when Zcash broke 5-month long resistance beyond the $60 level. With the recent gain in momentum, the ZEC price trend against the greenback projects showed volatility on the daily charts. However, the long-term seems profitable due to steady growth.
The MACD curve seems flat because of the steady and sluggish momentum but there’s no steep growth while the RSI seems bullish in the intraday as per the recent breakouts and stands at $69. The major support and resistance levels to watch out for are at $60, $58 and $70.
Zcash increased over 25% in the past week after two-crypto forensics platforms added support for the altcoin. The sudden upswing was accompanied by an increase in the number of social interactions around the cryptocurrency. Thanks to this, ZEC gained attention but it turned out to be trouble for the asset’s short-term price action. After making 25% gains over the past week, Zcash exhausted the momentum and the bullish social media chatter around the project slows down.
Finally, the Zcash transactions per day on average, down from the levels seen in mid-2019 but above these levels seen in mid-2019 above the levels seen in late 2018. Zcash is a privacy-based fork of the Bitcoin protocol which is ranked on the 25th place on the Brave New Coin market cap table.
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