Zcash (ZEC) News – What are the next levels to watch out for in Zcash (ZEC)?

Spread the love

Zcash (ZEC) has been more or less stagnant in the past one month. It has hardly made any big moves. That is why, many of the cryptocurrency traders and investors are ignoring Zcash (ZEC) at the current levels. However, it is poised for a breakout if it is able to grow some short-term resistances. This is the reason why you have to keep a watch on these levels in order to find out whether Zcash (ZEC) is able to break above these levels or not.

What are the next levels to watch out for in Zcash (ZEC)?

As of today, Zcash (ZEC) is trading around $ 60.39. It is low by 3% approximately. In the past one month, it has moved down from $ 83-$ 60. Thus, it has consistently lost value in the past one month. While most of the other cryptocurrencies have recovered smartly, the same has not happened with Zcash (ZEC).

In this very month, it is formed double top around the levels of $ 72.5. Thus, if it has to move higher, it will have to cross those resistances. After forming this double high on December 24, it swiftly moved down as well. It hit a low of around $ 56 before bouncing back to the current levels. The double top levels will not be easy for it to clear. It does not have volumes on its side as well. The volumes have more or less remained consistent throughout the month. There are no surging volumes.

The current conditions of the cryptocurrency markets are favouring consolidation. That is the reason why without heavy volumes, it will be very difficult for Zcash (ZEC) to rise any further. When you look at the nearest support level, it is around $ 55.5. If that support level is broken, it can fall all the way to $ 52. This is the reason why you have to keep a watch on the support as well as resistance levels before taking a call.

On the fundamental different, it is actually pretty strong. It offers private addresses as well as nonprivate addresses. It is in fact used by JP Morgan on one of its platforms as well. Since it offers nonprivate addresses as well, it has protected itself from any kind of regulatory problems as well. This is one of the main reasons why it is much more secure as compared to some of the other cryptocurrencies which provide private transactions. Thus, if you’re interested in Zcash (ZEC), it would be a good idea to keep a watch on these levels. As always, you should use additional indicators to confirm the breakout before trading,

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

Be the first to comment

Leave a Reply

Your email address will not be published.