ZCash Agenda: ZEC coin jumps with Ethereum news
ZCash records price jump on Ethereum news. Will this rise continue? Let’s look at the technical data.
ZCash makes a splash on Ethereum news
Privacy coin Zcash (ZEC), once the star of the crypto-asset industry ), having a hard time this year in terms of market performance. Even before 2019, it was in a bear trend against Bitcoin, which was constantly falling.. But now ZEC price has taken a small leap. Because the Ethereum Enhancement Proposal (EIP) released a few days ago explains the technical aspects of potential Zcash – Ethereum integration.. This development disrupted the emerging medium-term downtrend (especially on the histogram).. With this, ZEC has just risen above the support it has just lost.. It also touched 55 EMAs for the first time since September.
ZEC chart – Source: TradingView
If Zcash maintains 21 EMA on daily chart, We may see a new attempt towards the 55 EMA. Volume on Kraken exchange was small during the uptrend. But it does point to a doctrine market that can be easily moved through heavy buying (or heavy buying on USD pairing, see below).
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If we switch to the daily USD(T) parity on Binance, we will encounter a potentially growing power table.. First and foremost, we are seeing a rapidly increasing volume profile against USDT. Since the beginning of September, price decline has flattened out while volume growth has picked up speed.
ZEC chart – Source: TradingView
By the way, bullish RSI on daily chart We see a recent double bottom with the divergence. This is a hopeful situation.. However, by reminding that the same pattern is seen between September and October, let’s also say that the price rise was stopped at 55 EMA at that time.. Now, the 21 EMA is converging with the resistance formed in the fall low.
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Finally on the 3-day chart We realize how deep the ZEC goes. On this chart, $35 is a critical level, and if ZEC can break above it, then we can consider that the bottom has now been formed.
Source
Bitcoin Statement from Ukraine