ZECUSD Long-term Trend: Ranging
Distribution territories: $300.00, $350.00, $400.00.
Accumulation territories: $150.00, $100.00, $50.00.
Like many other cryptocurrencies, ZEC/USD also witnessed a spike in the market value on Thursday. The last time the pair moved and breached past the trend line of moving average 13 at the distribution territory of $400.00 was on February 8th and resumed declining on February 20th.
The ranging movement bound has not yet seemed to have been breached with all sense of reasoning that could have signaled bearish continuation or resumption of the bullish market. The price action is still found below the moving average 50 and the moving average 13 has not been able to cross from below. The stochastic oscillators have crossed and are currently pointing northward below the 50 range line. ZECUSD pair still needs a strong catalyst in the price action to break out of the current range bound. Traders can probably look out for a suitable entry of a long trade from a well-defined reversal from the accumulation territory of $150.00 or $100.00, as the case may be. Likewise, traders can also join the market trend once the immediate distribution territory of $300.00 is breached by a strong bullish candlestick.
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