Zcash (ZEC) Surpasses Crucial Supply Barrier: What Lies Ahead for This Privacy-Centric Token?
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<img src="https://cdn.sanity.io/images/s3y3vcno/production/a81e4d8c61c1639e45efcadfeb30efdd89baca55-1280x850.jpg?auto=format&w=1920&h=1080&crop=focalpoint&fit=clip" /><br>This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Prices for privacy-protecting digital currency Zcash (ZEC) have moved past a key resistance or supply zone, suggesting potential for larger gains ahead.
Since February, ZEC has been trading sideways, with sellers maintaining control above $40. Meanwhile, support has consistently held near $25, keeping the price within a narrow range.
On Sunday, buyers managed to overcome the long-standing supply zone of $40-$43, reaching a high of $45.80 on the HTX exchange, a level not seen since January 26, according to trading data. This breakout resembles a spring releasing energy after a period of consolidation, often leading to sharp upward price movements.
Technical analysis principles indicate that the range width (the difference between upper and lower boundaries) should be added to the breakout point. For ZEC, this method suggests a potential rally toward $60.
When prices move through established resistance levels, like in ZEC's scenario, it tends to attract buyers looking to capitalize on further upward momentum. Additionally, ZEC's counterpart, Monero (XMR), has also demonstrated a bullish breakout from a larger range, surging above $300. However, it’s essential to remember that chart patterns do not always behave as expected.
ZEC's daily chart. (TradingView/CoinDesk)Let me know if you need further adjustments!
