ZEC Price Analysis – February 13
Looking at the daily chart, Zcash (ZEC) gains 0.15% as the price action moves within bullish pennant formation.
Resistance levels: $84, $89, $94
Support levels: $61, $56, $51
ZEC/USD on Thursday is trading in minor positive territory, holding gains of just some 0.15%, in the first of the session. Meanwhile, the price action through the daily chart view has formed a bullish pennant pattern, subject to a breakout. Although the market is still bullish, the pair is also trading in upwards. But it may some time for the market to experience a bull run.
However, the cryptocurrency market may need to gather enough momentum, if it does; it would be too soon to be optimistic regarding the upward movement. Amidst the market correction, the medium and long terms are bullish. On top of that, the coin is expected to reach $76 level where it touched yesterday.
Once the market maintains the bullish movement, the resistance levels of $84, $89 and $94 could be visited. RSI (14) signal line moves in the same direction above the 70-level, any cross below the 9-day and 21-day moving averages could lead to the support levels of $61, $56, $51 respectively.
Comparing with Bitcoin, Zcash performance has been very low due to a recurring bearish sentiment which has caused the market to move in ranges. However, the price actions remain choppy, trading sideways since January 31. Currently, the market is indecisive but the traders must be on the watch for the possible next direction.
Moreover, for a positive upsurge, 0.0076 BTC and 0.0078 BTC are the major resistance levels for the coin for now while a negative spike could retest the important support at the 0.0064 BTC and 0.0062 BTC before a possible slip to 0.0060 BTC. The RSI (14) is moving towards the 60-level, waiting for selling pressure when faces down.
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