Zcash (ZEC) News – Is Zcash (ZEC) poised for a breakout?

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Today Zcash (ZEC) performance is commendable. Today, it is one of the best cryptocurrency performers. It has risen by 10.5%. It is trading around $ 64.73. It has headed these levels for quite some time which means that the intraday sell-off is likely not on the cards. Unless, there is some macro news or the basket of cryptocurrencies reverses, it will hold onto these gains most likely. However, when you look at the 3-month performance of Zcash (ZEC), it has been positive but it has not been a while to break out. In fact, from the peak it is down by more than 10%. However, finally there are signs that it might be turning around and sustained rally might be on the cards. We will today look at the levels which you should watch out for in Zcash (ZEC).

Is Zcash (ZEC) poised for a breakout?

If you look at the graph, you will realize that the price movement in Zcash (ZEC) might be forming a channel. The upper end of the channel is around $ 64.8. It is trading perilously close to these levels. Currently, it is poised at $ 64.73. If it can break the channel on the upper side and trade consistently above $ 64.8, it might move higher as well. In such a case, the next target is directly around $ 72. Due to this very reason, if you’re thinking of trading in Zcash (ZEC), it might be better to keep a watch on these levels. Once it can break on the upper side, it can rise in a short period.

When you look at the lower levels, it has strong support at around $ 55.5. If it breaks those levels, it can head much lower. However, chances are it will break the channel on the upper side. The Macro indicators also suggest that cryptocurrencies movement is on the upper side rather than on the lower side.

Confirmation indicators:

Rather than just looking at the charts, it is also a good idea to have an additional confirmation indicator. You can monitor the volumes to understand when the volume breakout can happen. Currently, the 24-hour volume is up to $ 550 million. The average volume in Zcash (ZEC) is around $ 300 million or below. It indicates that most of the traders are anticipating a breakout. If the breakout happens and the volumes sustain, that can be taken as a confirmation indicator. As always, do consider an additional indicator to confirm the breakout before placing any trade.

However, as things stand currently, Zcash (ZEC) might be poised for a breakout. The breakout can take it $ 72 in no time. That is the reason why Zcash (ZEC) can provide a trading opportunity sooner than later.

About Priya 131 Articles
I am an IT engineer by qualification and like to explore the crypto and blockchain space in my free time.

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