ZECUSD Medium-term Trend: Bullish
Supply levels: $280, $270, $260
Demand levels: $220, $230, $240
Price of ZCash is trading at $255.70 after a bullish breakout. Yesterday, ZECUSD pair was fluctuating between the resistance at $240 and the support at $220,and the bulls made concerted efforts to break the resistance level. Today, the resistance at $240 had been broken by the bulls; price is expected to reach the high of $280. However, the 20-day moving average crosses above the 50-day moving average indicating that price of ZCash is rising.
Also, the RSI period 14 is level 67 which indicates that price is in the bullish trend zone.
ZECUSD Short-term Trend: Bullish
In the daily chart, price of ZCash commenced its bullish trend at a price of $235. The price rose to $250 and commenced a range bound movement. At this junction, price made a pullback before it made a final bullish movement to the current price level. If the bulls overcome the resistance at $260, ZCash will reach the high of another price level.
Though, in the daily chart, the RSI period 14 is level 84 which indicates that the market is seriously overbought suggesting bears to take control of the market.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
