ZEC Technical Analysis: The Long-Awaited Global Reversal
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The latest fall wave of the ZEC cryptocurrency has clearly shown that buyers are ready to take the initiative. Sellers failed to update the local low with dignity and touch the bottom of the channel's trend line. In most cryptocurrencies, the 9 May weekly candle has a big pin down and the 16 May candle looks deplorable. In the case of the ZEC cryptocurrency, 9 May and 16 May weekly candles show a good price buyout. While the $90 range is under buyers control, we expect a new growth wave with the first global target of $221. The first local target is inside the drop-down channel - $140.
Technical Analysis Of ZEC On The Daily Timeframe
Analyzing the movement of the ZEC price on the daily timeframe, you can see the local success of buyers. Having organized a local growth wave by 65%, buyers stopped for a vacation. During this time, sellers managed to correct the previous local wave of growth by only 50%. This is a relatively weak correction, which indicates the potential for continued growth with the next target of $1.42. It is likely that a new fall wave will begin from this range, which will show how strong sellers are now. Given the fact that the BTC price is rising, the probability of realization of our main scenario is as high as possible.
The ZECBTC Price Broke Up A 5-Year Downward Trend
Great news for ZEC long-term investors. We waited. The ZECBTC price is not something that broke the global upper trend line of the falling channel. The price tested it after the breaking. And considering how the weekly candle from 9 May closed - the test was successful. We expect the beginning of a new growth wave with the first target in the range of 0.0084. This will be just the beginning of a global growth trend. How active will ZEC grow over the next time? It all depends on the global background of the cryptocurrency market.