This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
The prices of digital currencies protecting ZCASH confidentiality (ZEC) have exceeded resistance or a key supply area, referring to greater gains.
Since February, ZEC has exchanged side, the sellers dominating more than $ 40. Meanwhile, almost $ 25 decreases have constantly found support, keeping the price in a narrow range.
Buyers finally managed to chew the supply area from $ 40 to $ 43, reaching a summit of $ 45.80 on Crypto Exchange HTX, the level seen for the last time on January 26, according to Data Source TradingView.
The so-called escape from the range is like an optimistic-excited spring after strengthening the request during consolidation. This stored energy release often results in rapid and fast movement higher.
The theory of technical analysis suggests adding the width of the beach, or the gap between the limits of the upper and lower beach, the breakdown. In the case of ZEC, the measured movement method points to a rally around $ 60.
The price passes through long -term resistance levels, as in the case of ZEC, often draws offers from merchants in small groups. These entities seek to enter positions when the price of an asset exceeds a defined level of support or resistance, aimed at capitalizing on a continuous movement higher or lower.
The peer of ZEC, Monero (XMR), recently released a larger and more prolonged range with an increased golden cross, switching to summits greater than $ 300. Readers should note that graphic models do not always work as expected.
