Zcash ZEC Price Gains Momentum And Creates New High

Looking at the 24 hours chart, Zcash ZEC price gains 0.15% as the price action moves within bullish pennant formation as per the Zcash news today.

Key Levels include the Resistance levels: $84, $89, $94 and supported levels $61, $56, $51. ZEC/USD on Thursday is trading in minor positive territory, making gains of just some 0,15%, in the first of the session. In the meantime, the price action through the 24-hour chart view has formed in a bullish pennant pattern, which is subject to a breakout. While the market is still bullish the pair is also traded in an upward trend. Nonetheless, it may need some time for the market to feel the bull run.

But the cryptocurrency market could have the need to gather the necessary momentum if it does at all. It will be too soon to be optimistic in regard of the upward trend. Among the market correction, the middle term and long terms are bullish. On top of that, the cryptocurrency is anticipated to reach $76 level where it touched yesterday. Once the market upholds the bullish movement the resistance levels of $84, $89 and $94 could be reached. RSI (14) signal line moves in the same direction over the 70-level, any crossing below the 9-day and 21-day moving averages can bring the support level of $61, $56, $56 respectively.

In comparison with Bitcoin (BTC), Zcash ZEC price performance has been at very low levels because of the recurring bearish sentiments which were the cause of the market to move in ranges. But the price actions are uneven, trading sideways since January the 31^st of 2020. At this time the market is overwhelmed with an indecisive spirit, but the traders must be on the watch for the next probable direction.

Furthermore, for a positive upward trend, 0.0076 Bitcoin (BTC) and 0.0078 Bitcoin (BTC) are the major resistance levels for the coin for now, though a negative spike could reexamine the important support at the 0.0064 Bitcoin (BTC) before a probable fall to 0,0060 Bitcoin (BTC). The RSI (14) is traveling towards the 60 levels, awaiting for selling pressure when faces down. Zcash launched in 2016 with a new funding mechanism, the Founder’s reward. One-fifth of the block reward was given to the founders of Zcash, with the goal of incentivizing them to continue developing the project. The Founder’s Reward was intended to expire November 2020, consistent with the Zcash halving. This provoked the community to look for new ways to continue funding the development of Zcash, while at the same time encouraging decentralization, taking power from the founding team of the project.