Zcash Price Attempts a Breakout As Selling Eases 85% — Is This A New Rally?
Zcash price is attempting a breakout above a falling flag pattern as selling pressure has sharply decreased by 85%.Summary
Despite a small daily dip, Zcash (ZEC) shows signs of restarting its major upward move after gaining over 1278% in three months. The price is attempting to break out of a falling flag pattern, requiring a daily close above the resistance level of $537 to confirm the rally.
The broader trend remains healthy, supported by a hidden bullish divergence on the Relative Strength Index (RSI), suggesting momentum may continue higher. Crucially, selling pressure, measured by exchange spot netflows, has collapsed by 85% from its peak, indicating buyers are facing significantly lighter resistance. The On-Balance Volume (OBV) also supports a volume-backed breakout attempt.
Key price levels dictate the next move: a confirmed close above $537-$538 could target resistance levels up to $749 or higher. Conversely, failure to hold the nearest support at $488 would weaken the breakout thesis, with a drop below $368 invalidating the current pattern.
(Source：BeInCrypto)