Categories: Market Overview

ZCash (ZEC) Long-term Price Forecast

Distribution territories: $270.00, $300.00, $330.00.

Accumulation territories: $140.00, $110.00, $80.00.

As many digital currencies witnessed a great voluminous increase in their market capitalization last week, so also ZCash did. The bullish engulfing Japanese that emerged on July 13 has been the turning point of the current bullish trend in this cryptocurrency market. Since then, the bulls have continued to drive the market price line northbound all along till July 18. Noticeably, the price line retraced downward to close at the lower bottom of the Japanese candlestick formed on July 18 but above the 50-day SMA trend-line.

The downward retracement still moved on averagely till July 20 and 21 to the extent of taking the price line a bit past the 14-day SMA trend-line. The 14-day SMA is a bit bent northwards below the 50-day SMA with a short gap between them. The Stochastic Oscillators have moved northwards but they are now crossed below range 80 to point south. This suggests that taking further trading actions should be put to rest for a while.

The accumulation territory of $150.00 seems to stand as the first major price line that the bears are not expected to drive the market value past easily now. In other words, the bulls will have to make use of these current shorting positions to muster up the much-needed strength to make a quick comeback into the market. Traders can probably wait for a strong reversal of the current shorting positions to initiate a long entry with financial management guiding rules.

ZCash (ZEC) Long-term Price Forecast, bitcoinexchangeguide, Jul 22

Источник: FxTeam

AddThis Website Tools
The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team
Tags: aud

Recent Posts

GBPUSD Wave Analysis 20 January 2025

- GBPUSD reversed from support area - Likely to rise to resistance level 1.2365 GBPUSD…

9 hours ago

USDCHF Wave Analysis 20 January 2025

- USDCHF reversed from the resistance zone - Likely to fall to support level 0.9000…

9 hours ago

Stock Gains Potentially Poised for Extension, Building Momentum

Despite fear driving stock markets recently, the sentiment index suggests further upside potential for stocks.…

16 hours ago

Bitcoin and Solana Reach New Heights

Bitcoin reached $109.9K and Solana peaked at $300 amid market volatility, driven by meme-coins. XRP…

21 hours ago

Nasdaq-100 Wave Analysis 17 January 2025

- Nasdaq-100 broke daily down channel - Likely to rise to resistance level 21850.00 Nasdaq-100 index rising…

3 days ago

AUDCAD Wave Analysis 17 January 2025

- AUDCAD reversed from support zone - Likely to rise to resistance level 0.9000 AUDCAD…

3 days ago