ZECUSD Medium-term Trend: Bullish
Supply levels: $240, $235, $230
Demand levels: $210, $215, $220
ZCash is trading at $227.27 after the breakout at $ 210. From the price action, if the bulls continue to push the price forward, the resistance at $240 would be broken and ZCash will reach its high of $260. The moving averages indicate that price of the asset is bullish. Meanwhile, the RSI period 14 is level 71, which indicates that the market is overbought, suggesting bears will take control of the market.
Even at the overbought market condition, ZCash price can rally at the supply levels.
ZECUSD Short-term Trend: Bullish
In the daily chart, ZCash is in a smooth uptrend. When the bulls were in control at $205, they took the price to $220 and resumed a range bound movement. After a while, ZCash price soared to $230 and retraced to a range bound movement. The supply levels will be breached if the price remaines bullish for now.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.