ZEC Technical Analysis: Trend Change Is Possible From $57
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Sellers ran the distance from $91 to $57 with small weak weekly candles and did not make an effort in the form of increased volumes. Thus, as of 13 June 2022, the ZEC price is near a new strong liquidity range, from which the market situation may change dramatically. The $57 range was the main buyers' support in 2020. Consolidation over this range gave some confidence to buyers to achieve growth with the final target of $372. Therefore, at least from this range, we should expect a price rebound to $91 and the beginning of global consolidation in a wide range. Until the price confidently breaks the mark of $91 and is not fixed above it - planning higher growth targets is not yet in time.
ZEC Technical Analysis On The Daily Timeframe
Analyzing the price movement of ZEC in the daily timeframe, you can see that sellers are testing for strength in the range of $57. The previous four daily candles from 5 June confidently lowered the ZEC price without volumes. All the hope of buyers for a daily candle on 29 June. If during this day buyers are able to change the situation and stop the fall - by the end of the week we can witness at least a test mark of $70.
Closing the weekly candle even near the $70 mark will show the readiness of buyers to start a global rebound and break the trend line of sellers from April 2022. Therefore, if you are looking for risky investments with a minimum target of 20% and a maximum of 50% - you should buy ZEC cryptocurrency in the range of $57.
ZECBTC Price Is Fixed Above The Falling Channel
ZECBTC weekly price chart also hints at the bright future of cryptocurrency. The global fall channel, in which the ZEC price has been moving since May 2017, has been broken up. Starting from March 2022, buyers are trying to fix above the upper trend line of the falling channel. The formation in which the ZECBTC price locally falls resembles a weak correction. Before a new powerful growth impulse.
ZECBTC worst-case price scenario at the moment is a fall to the range of 0.0023. This range is the foundation of buyers from January 2021. After fixing the ZECBTC price above the mark of 0.0038, you can more confidently consider ZEC to invest with the final target of 0.0087. Investing in a tasty patron of this cryptocurrency is now quite risky. This should be taken into account when determining the amount of investment in this cryptocurrency.