Analysis of Currency $ZEC (Zcash) and Trading Recommendations
Short-Term Technical Analysis
Currency $ZEC shows a clear upward trend with a rise of 3.19% and the current price at $41.37. The price has surpassed the key moving averages (EMA7: 41.41, EMA25: 41.13, EMA99: 40.68), indicating positive momentum.
The previously formed rectangle pattern has been broken with a signal for the continuation of the upward trend. Volume levels show increasing interest, especially after the pullback from the $39.32 level.
Entry and Exit Points
Ideal Entry Points:
Buy at the support level of $40.83-$41.00 (EMA25 area)
Additional buy on a rebound from the $40.68 level (EMA99) in case of correction
Profit Targets:
First target: $41.80 (previous peak)
Second target: $42.30
Ambitious target: $43.00 for those who prefer to trade for additional hours
Stop Loss:
Place a stop-loss order below the $40.29 level
Trading Strategy
Trade in the direction of the overall upward trend
Exploit price fluctuations between support and resistance levels
Watch for the break of important levels (41.80) to enter on the upward push
Gradual exit at the mentioned resistance levels
Monitor the movement of similar currencies like Monero to confirm the overall trend of privacy coins
ZEC is a promising coin within the category of privacy coins, and the current technical trend supports short-term upward movement with caution at the specified resistance levels.
