Zcash Buyers Absorb The 10% Profit-Booking Hit — Breakout Attempt Back On Track?
Zcash buyers absorbed a recent 10% profit-booking dip, keeping its ascending channel structure intact and the breakout attempt on track.Summary
Zcash (ZEC) has experienced a strong rally, remaining up significantly year-over-year and within an ascending channel. A recent rejection from the upper trendline caused a near 10% pullback due to profit-booking, evidenced by exchange inflows on December 29th and 30th.
However, dip buyers quickly absorbed this selling pressure, indicated by subsequent outflows on December 31st and a bullish divergence on the Money Flow Index (MFI) during the price dip. This suggests accumulation rather than a trend failure.
For the breakout attempt to continue, ZEC must remain above the lower boundary near $500. Key resistance levels for confirmation are a daily close above $559, followed by the breakout window of $596–$626, which could lead to targets at $657 and $699.
(Source：BeInCrypto)