• 22 June, 2024
News

Zcash (ZEC) Trades Positively as Bulls Target $50 Next

Zcash has performed quite well recently, with a 5% price surge over the last 24 hours. While many other cryptocurrencies have stagnated or declined in value, Zcash has proven to be a resilient and reliable asset for traders.

The key support level for Zcash is around $36, and this appears to be holding steady in the current market environment. However, some analysts are predicting that Zcash could see further gains soon, as more investors begin to take note of its potential.

At the current $45.3, Zcash is still a valuable cryptocurrency to watch and potentially invest in. Whether you’re looking for short-term gains or long-term growth, Zcash could be a good choice for your portfolio.

Zcash is expected to continue rising as the bulls are currently in control. The immediate target for the bulls would be nearly $60. However, if we see a pullback from this level, traders should not hesitate to go short as support will come at $43 and even at $40.

ZEC Technical outlook

Looking at the technical indicators, we can see that the MACD is currently moving upward while the RSI is showing signs of strength as it moves higher. Moreover, Zcash has a decent trading volume to keep it afloat in the current market environment. If you’re looking to trade ZEC for short-term or long-term gains, now would be a great time to do so.

Source: Tradingview

Zcash is experiencing significant volatility at the moment, which makes it an even more appealing investment choice for day and swing traders. As long as we continue to see bullish momentum for Zcash, this cryptocurrency is likely to keep seeing price gains soon.

The SMA crossover support for Zcash is around $36, and any falls below this level could be an opportunity to go short. On the other hand, if prices manage to break out from the resistance at $60, we could see a further rally in ZEC as bulls take control of the market.

Overall, Zcash is poised for further growth soon, and investors should keep their eye on this exciting cryptocurrency moving forward. Whether you’re looking to invest in ZEC long-term or just hold it as a short-term investment, now is the time to do so.

Conclusion

Zcash is currently in a positive trend for traders and investors, with strong technical indicators and bullish sentiment among analysts. If you’re looking to get involved with ZEC, now would be a great time to do so as prices are expected to continue rising over the coming days and weeks.

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