$ZEC n same plug-in head-down sweetly enough that I have to look twice, thought the guys were about to pull the rug on each other. Turned out, if you look closer, this is a necessary adjustment after that really great pump-and-boost from a few days ago—not dumping anything, folks! 😏
Looking at the 1W frame, you still see momentum pushing price up strongly; the price is still sitting comfortably above all the main MAs, showing the long-term trend remains very solid. The biggest catalyst is clearly that the Grayscale Zcash ETF (ZCSH) has officially launched on NYSE Arca on 25/8. And Zcash Labs has also been actively pushing for official adoption, linking ZEC with popular payment applications starting from early August. Along with the Ironwood upgrade from July that patched security issues, reinforcing confidence in the network.
Back to the 4H timeframe: the price is currently consolidating healthily around $787.07 after breaking above the $800 level. The 4H RSI has also cooled down to 51.4, no longer as “high-intensity” as the RSI 86 on 22/8.
Looking at the 1W frame, you still see momentum pushing price up strongly; the price is still sitting comfortably above all the main MAs, showing the long-term trend remains very solid. The biggest catalyst is clearly that the Grayscale Zcash ETF (ZCSH) has officially launched on NYSE Arca on 25/8. And Zcash Labs has also been actively pushing for official adoption, linking ZEC with popular payment applications starting from early August. Along with the Ironwood upgrade from July that patched security issues, reinforcing confidence in the network.
Back to the 4H timeframe: the price is currently consolidating healthily around $787.07 after breaking above the $800 level. The 4H RSI has also cooled down to 51.4, no longer as “high-intensity” as the RSI 86 on 22/8.
