Zcash as it stands today is pretty resilient! I am eager to see it test this next resistance zone. On the Daily timeframe we have wicked into this zone (and did so three times from the 20th of march – the 23rd). We are also able to identify a bullish EMA crossover (on the daily chart) loading up just like many major altcoins.
In the screenshot (1-Week Timeframe) we have identified several long term resistance levels. Price action may either have difficulty passing or it is just a significant price level. Regardless, these resistance horizontal-trend lines will hold significance as price action works it’s way up the chart.
It is likely we will test and pass this next resistance zone in the next couple of weeks, if not much sooner. Here is some short term analysis to gauge when this will happen with more accuracy.
On the 1-Day Time frame we can see a clear crossover that is loading up. For those unfamiliar, when a crossover that is bullish loads up the smaller EMA values (in this case are the blue and purple – 8-Day and 13-Day EMAs) make new troughs and swoop down in an exaggerated fashion.
In addition to this crossover forming we have higher lows. This can be identified by the difference in lows priced at $17 and $27.
I will leave you guys with one more screenshot, this is a bull flag on the 4-hour timeframe and it has broken out already. This is a good sign short term and it will definitely add to the likelihood of a crossover on the 1-Day timeframe.
This is all great to see!