ZCash (ZEC) rallied 13.85% on tuesday 14 July. It was something else 1.6% on Wednesday and Open Interest increased 7.70% in the last 24 hours.
In a recent report, AMBCrypto concluded that swing traders and investors may adopt a cautious bullish outlook. $560 The level was marked as an important short-term resistance, but was breached.
There is one more hurdle to watch out for, but for now two of the three key resistances have been regained. These are round numbers $500 supply area and $560 withdrawal level.
In another news, there was the following: unusual trading activity Towards the end of May, when a critical vulnerability was discovered in Orchard that allowed unlimited ZCash minting.
ZCash resurgence is well underway
$176 The pullback earlier in the year was respected and a recovery began. The critical vulnerability triggered a deep sell-off, but since early June the $500 domestic supply zone has been reclaimed once again.
CMF about this 3 day chart stayed up +0.05 It indicates strong purchasing pressure. RSI was at: 60.6 It also shows that the upward momentum is noteworthy.
What ZCash does 56.12% Gains in less than three weeks, measured from local lows $368.3. This being the case, the possibility of further rises remains.
Investors’ call to action – Buy
swing structure 4 hour chart There was a downward trend but 78.6% withdrawal level $560.11 has been violated. It was a little worrying that CMF was there. -0.02 and did not show any solid buying pressure.
A move beyond price $644 ZEC can turn the H4 structure into a bullish one. The next goal will be $690reached its highest level in May $750 Another bullish target.
Investors can expect sustained capital inflows and a move through $644 to confirm the uptrend.
Final Summary
- ZCash’s breakout of the $500 supply zone was accompanied by buying pressure on higher timeframes.
- When zoomed in, the lower timeframe charts revealed some doubts about the ability of ZEC bulls to sustain the recovery.
