Zcash Initiates An Uptrend While Terminates The Day With A Dip
Following the rise of Bitcoin’s price value reaching the range of $40,000, the entire crypto market witnessed a slight recovery. Some altcoins were also triggered to follow the same suit while Zcash (ZEC) is one among them. Currently, Zcash is oscillating between the bullish and bearish momentum where interestingly it surged high and dipped in a day. On the other hand, the price action of ZEC should depict an uptrend to continue the strong bullish trend.
The last 24-hours trading chart of ZEC displays a major transition from green to red chart which seems unclear. It is not sure whether ZEC is currently experiencing a bearish or bullish trend, as the price action is very unstable. Moreover, Zcash is 5.45% up for the past 24 hours which actually dipped to $104.76 a few hours ago.
Zcash Trade Chart Seems Unclear
Significantly, Zcash has gained a 24-hour high value of $115 which also doused to $104 as a 24-hour low-value. The token is pushing over its resistance level to reach high towards $129. Currently, ZEC is trading at $110 while if the token pushes forward above $115, then it may reach $129. As the support level grows, it will help the token to rise higher towards its next heavy resistance level.
However, a few hours ago ZEC was experiencing a bearish pattern and now initiated to portray a bullish run. Though the current bullish rally is not validated, ZEC is yet to break from the bear market. The past data of ZEC shows that the price value was trading around $95 earlier this month. Thus, it won’t take much longer to again dip to the value it was trading earlier.
Furthermore, with President Joe Biden expected to issue an executive order targeting the crypto sector, a drop in Zcash prices is even more possible. With its privacy-focused blockchain, Zcash has found itself on the wrong side of regulatory review. Despite the fact that ZEC is currently displaying the greenish chart, it also has a chance to dip.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
