Zcash is a coin I really like because: (1) Over 4 years of Price Data - Historical Data for analysis
(2) History of remaining relevant - Top market cap coin; currently 35, if it didn't have a strong backing it would have disappeared by this point
(3) Smaller market cap (more volatile price action)
Now to the charts!
I am showing a Weekly view on ZEC
There are positive divergences in both the MACD & RSI (I will show below in detail; too hard to show on the price view)
Our prior bull cycle price floor was at $22
We actually pierced thru this number back in March, and hit $18.50, but I'll chalk that up to volatility; I look at this as us making a double bottom @ $22
I have clearly outlined several areas of resistance:
- A few resistance boxes in the $400 - $500 range
- The 0.618 fib retracement level
- A price area ~$750
- Prior ATH of $900 (once this level is broken, as w/any project, the fun begins as we enter price discovery. 1st Target we'll hit and surpass is the 1.618 fib extension of ~$1444)
Reality is: Once our 1st true altseason begins, this thing will move extremely fast. The smaller cap implies you'll see A LOT of volatility, a lot of price wicks thru price ranges I have shared above
I feel extremely confident ZCash will vastly appreciate in price/market cap along with the entire cryptocurrency market
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No question regarding the + divergences taking placing on both the MACD and RSI, suggesting momentum is building and we will see a super nova break out to the upside
excellent write up. 2021 will be a very interesting year in every respect and I believe privacy coins like ZEC will be a hot commodity. keep us posted.