Zcash Surges Nearly 13% and Reclaims All Key Moving Averages
Zcash is trading at $1,284.04 (about Rs353,406), up a strong 12.75% on the day, making it one of the standout gainers on the board.
ZEC saw a heavy sell-off earlier in the week that took price down to the $1,120.03 area on the 4-hour chart. Buyers stepped in, price built a base through several small candles, and then a large green 4H candle pushed it decisively higher. The 24h range now sits between a low of $1,138.55 and a high of $1,295.60.
What Iโm watching:
Moving averages: MA(7) is at 1,223, MA(25) at 1,227 and MA(99) at 1,232. Price has jumped well above all three, and they are now bunched tightly together, so they should act as a solid support zone on any retest.
Resistance: The recent swing high near $1,297 is the level to beat. The latest candle is small with an upper wick, which shows some hesitation right at that area.
Support: $1,230 to $1,225, where the moving averages cluster, is the first area to hold. Below that, $1,189 and the $1,120 low are the next levels to watch.
Volume: 24h volume is strong at 172,578 ZEC (about $208.9M). The breakout candle came with healthy participation, though the most recent candle is quieter.
My take: This is a powerful reversal from the lows, and reclaiming the MA(99) is a meaningful step. After a move of this size, though, a pullback or consolidation would be normal. A 4H close above $1,300 would confirm continuation, while a slip back below $1,230 would suggest the move is running out of steam.
Strong momentum is exciting, but waiting for a retest is usually smarter than chasing a green candle.
#Zcash #ZEC #CryptoTrading #TechnicalAnalysis #ZECUSDT
$ZEC
Zcash is trading at $1,284.04 (about Rs353,406), up a strong 12.75% on the day, making it one of the standout gainers on the board.
ZEC saw a heavy sell-off earlier in the week that took price down to the $1,120.03 area on the 4-hour chart. Buyers stepped in, price built a base through several small candles, and then a large green 4H candle pushed it decisively higher. The 24h range now sits between a low of $1,138.55 and a high of $1,295.60.
What Iโm watching:
Moving averages: MA(7) is at 1,223, MA(25) at 1,227 and MA(99) at 1,232. Price has jumped well above all three, and they are now bunched tightly together, so they should act as a solid support zone on any retest.
Resistance: The recent swing high near $1,297 is the level to beat. The latest candle is small with an upper wick, which shows some hesitation right at that area.
Support: $1,230 to $1,225, where the moving averages cluster, is the first area to hold. Below that, $1,189 and the $1,120 low are the next levels to watch.
Volume: 24h volume is strong at 172,578 ZEC (about $208.9M). The breakout candle came with healthy participation, though the most recent candle is quieter.
My take: This is a powerful reversal from the lows, and reclaiming the MA(99) is a meaningful step. After a move of this size, though, a pullback or consolidation would be normal. A 4H close above $1,300 would confirm continuation, while a slip back below $1,230 would suggest the move is running out of steam.
Strong momentum is exciting, but waiting for a retest is usually smarter than chasing a green candle.
#Zcash #ZEC #CryptoTrading #TechnicalAnalysis #ZECUSDT
$ZEC
