This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
The prices of the digital currency that protects the privacy ZCASH (ZEC) has exceeded a key resistance or supply zone, hinting at greater profits ahead.
Since February, ZEC has negotiated sideways, with vendors that dominate above $ 40. Meanwhile, the falls about $ 25 have consistently found support, maintaining the price within a narrow range.
On Sunday, buyers finally managed to chew the supply zone of $ 40- $ 43, reaching a maximum of $ 45.80 in Crypto Exchange HTX, the level that is last seen on January 26, according to Data Source TradingView.
The so -called rank rupture is like a spring rescue at reach after accumulating demand during consolidation. This release of stored energy often results in a higher acute and rapid movement.
The technical analysis theory suggests adding the range width, or the propagation between the upper and lower rank limits, to the rupture point. In the case of ZEC, the measured movement method points to a rally towards $ 60.
The price moves through long -standing resistance levels, as in the case of ZEC, often attracts offers from merchants. These entities seek to enter positions when the price of an asset goes beyond a defined level of support or resistance, with the objective of capitalizing a higher or lower continuous movement.
The ZEC, Monero (XMR) torque, recently left a larger and longer range game with a golden bullish cross, increasing to maximum higher than $ 300. Readers must take into account that graphics patterns do not always work as planned.
