“The Cryptocurrency Had Been Trading in A Narrow Range Since February, with Resistance Above $ 40 and Support Near $ 25.”, – WRITE: www.coindesk.com
Prices for privacy -protecting Digital Currency Zcash (ZEC) HAVE MOVED PAST A Key Resistance or Supple Zone, Hinting at Bigger Gains AHEAD.
Since February, Zec Has Traded Sideways, with Selers Dominating Above $ 40. Meanwhile, Dips Near $ 25 Have Consistently Found Support, Keeping The Price Within a Narrow Range.
On Sunday, Buyers Finally Managed to Chew Through the Long-Held Supple Zone of $ 40- $ 43, Hitting A High of $ 45.80 On Crypto Exchange HTX, The Level Last Last Seen. 26, accounting to Data Source Tradingview.
The So-Called Range Breakout Is Like A Spring Uncoling Bullishly After Building Up Demand Dringing Consolidation. This release of the Stored Energy Often Results in A Sharp, Rapid Move Higher.
Technical Analysis Theory Suggests Adding the Range Width, or The Spread Between the Upper and Lower Range Boundaries, to the Breakout Point. In Zec’s Case, The MEASURD METHOD Points to A Rally Town $ 60.
Price Moves Through Long-Held Resistance Levels, As in Zec’s Case, Often Draws Bids from Breom Breakout Traders. These entities seek to enter positions WHEN the price of an asset moves beyond a defined Support or Resistance Level, Aiming to Capitalize on a Continued Move Higher.
Zec’s Peer, Monero (XMR), Recently Broke Out of A Bigger and More Prolonged Range Play With A Bullish Golden Cross, Surry to Highs Above $ 300. Readers Should Note That Chart Patterns Do Not Always Work As Intended.
Zec’s Daily Chart. (TradingView/Coindesk)
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