Zcash Barely Wins the Sell-Off Battle, But The Breakout War Lies Ahead
Zcash held steady during a market sell-off, but key indicators suggest a major breakout attempt above $766 is necessary to confirm bullish momentum.Summary
Zcash (ZEC) price remained flat during a recent crypto sell-off that liquidated nearly $2 billion in positions, making it resilient, though it is still up over 27% week-on-week. Analysis of momentum signals reveals mixed results: On-Balance Volume (OBV) showed bearish divergence but bounced off support, Chaikin Money Flow (CMF) is slightly positive but needs to exceed 0.02 for confirmation, and the Relative Strength Index (RSI) showed fading momentum before aligning with the price again. Currently, ZEC is trading within a rising channel, and bulls regaining control, as shown by the bull-bear power indicator, sets the stage for a breakout war. Key resistance levels are $766, the first breakout target, and $978, which represents the channel's upper boundary; clearing $978 could lead to four-digit prices. Downside support rests at $635 and then $555.
(Source：BeInCrypto)