Zcash Surpasses Key Resistance Level

Zcash (ZEC) has recently broken through an important resistance level, suggesting there may be room for further price increases. As of now, ZEC has been fluctuating within a narrow band since February, with resistance hovering above $40 and support around $25.

Key Points:

• The cryptocurrency managed to breach a persistent supply zone between $40 and $43, reaching a peak of $45.80 on cryptocurrency exchange HTX, a level last encountered on January 26 according to TradingView.
• This breakout resembles a spring that has built up pressure during a consolidation phase, which could typically lead to a sharp upward movement.
• Technical analysts suggest that the next target based on the breakout could be around $60.

While it is noteworthy that ZEC has historically had difficulty crossing above $40, the recent movement might encourage further investment as traders often aim to capitalize on significant resistance breaches. However, it’s crucial to remain cautious, as past performance doesn’t always predict future trends.

ZEC Chart

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