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I do prefer the upside, but also recognize that a clean break higher is probably difficult.
The ZCash market rallied again during the trading session on Thursday to break above the $163.50 level. At this point, the market looks as if it is struggling a little bit to the upside, but the massive resistance barrier is going to be a little closer to the $176 level, where we had sold off quite drastically. That being said, there is no reason to think we cannot get through there, but it should also be noted that there is a big barrier to the $180 level.
The 50 Day EMA underneath at the $153 level is offering a certain amount of support. Looking at the chart, the area between the 50 Day EMA and the 200 Day EMA offers a significant support area from what I can see, and I would anticipate that there should be a lot of buying pressure in that general vicinity. That being said, ZCash suffers from the same thing that a lot of smaller coins in the crypto markets do, it is a reliance on Bitcoin or Ethereum to get things moving under most circumstances.
If we were to turn around and break down below the hammer from the Monday session, that would be a very negative turn of events and could open up ZCash to dropping down to the $120 level, perhaps even down to the $115 level. In that area, I would anticipate a little bit of support as well, but the real support is probably closer to the $85 handle.
Rallying at this point could open up the possibility of a move to the $200 level, but it is something that would need to see other major markets moving right along with it. The market is also going to see a lot of volatility, so I think a short-term “buy on the dips” type of market could very well be the way going forward. I do think that it is going to be very choppy, but that is probably a good way to describe most markets, as we simply do not have a lot of momentum one way or the other. Crypto will not be any different, so there is no reason to think that ZCash is going to be any different than most other markets at this point. I do prefer the upside, but also recognize that a clean break higher is probably difficult.
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