Zcash (ZEC) broke out from a diagonal resistance trend line.
The ZEC price moved above the middle of its long-term range.
Can ZEC sustain its momentum and finally reach its range high?
Zcash (ZEC) is showing remarkable strength, decoupling from the market weakness and surging to levels not seen in months.
After reclaiming a key support zone and confirming a major breakout, ZEC targets its long-term range high.
Now, all eyes are on the $68 resistance area to see if a breakout can occur, taking ZEC to its new long-term resistance.
ZEC Move to New Highs
The ZEC price has surged since breaking out from a four-year diagonal resistance and validating it as support (green icon) in April.
Not only did the price confirm the diagonal resistance as support, but it also reclaimed the range low of $25, which it had previously deviated below.
The ZEC price has surged since then, rallying by more than 200%.
Get These Top Crypto Casino Offers Now!
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are bullish.
The RSI is above 50 while the MACD is positive and increasing, indicating that the price will likely increase.
Because of these signs, the ZEC prediction is bullish, and the most likely future outlook is an upward movement toward at least the range high.
Can ZEC Break Out?
While the weekly chart is bullish, the daily one casts doubt on whether the ZEC price will reach the range high.
The main reason is that the ZEC price trades inside a confluence of resistance, which could reject the price and lead to a temporary bearish trend reversal.
Today, the ZEC price trades at the 0.786 Fibonacci retracement resistance, which coincides with the resistance trend line of an ascending parallel channel.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
