Zcash (ZEC) Overpowers This Critical Resistance – Price Analysis
On a technical view, ZEC/USD price chart shows a positive picture for the altcoin as it broke a vital resistance level near the $180 level, confirming possible highs for ZEC.
Technical Points to Reflect
- The 20 exponential moving average line offer ZEC price massive support.
- The asset’s daily RSI chart shows a bearish divergence.
- ZEC coin has its intraday volume at $864.3 million, suggesting an 18% upswing.
- ZEC has never crossed the $180 piece mark since the May sudden fall. Though the alternative coin tested the obstacle many times, it encountered massive rejections.
However, November 9 sessions had the crypto breaking out from the level. That came after ZEC saw a sturdy green candlestick and support from sufficient volume activity, attracting market participants for opportunities to go long.
The critical exponential moving averages [20-, 50-, 100-, and 200] show a massive uptrend. Keep in mind that the alt has its price movements beyond these EMAs. Furthermore, the 20-EMA serves a ZEC’s support. The Relative Strength Index stays at the 67-value, confirming the coin’s bullish sentiment. Nevertheless, the indicator still depicts a bearish divergence, indicating come weakness exhibited by the rally.
The lower time frame price chart shows ZEC retesting the $180 level. While writing this activity, the alt trades at $207.18 following a 15.24% intraday gain. Nevertheless, the daily chart shows a bearish divergence, adding some concern for crypto. With that, cryptocurrency traders need to utilize risk management tools and ensure bullishness from the crypto to stabilize beyond $180.
On the other crypto updates, Mina gained by 50% in the past 24 hours, surpassing different coins as far as price actions are concerned. Market participants call Mina a succinct blockchain. That is because the blockchain is short. It is among the simplest blockchains in the crypto marketplace.
Mina stated rallying since Evan Shapiro, its Foundation CEO, appeared at this year’s Crypto Summit early on the week. Yesterday, the coin’s development team declared partnering with ZK Hack, providing advanced solutions. For now, MINA has chances to maintain upsurges in the coming hours.
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