- The price rallies as the recovery phase ends after the FTX crunch.
- Trading volume shoots up by 20% and values to around $74 million.
- Its BTC valuation rises by 8.5% amounting to $0.002622.
The winter vacation for the crypto market comes to an end as many outshine other currencies and make it to the top. Currently, the market is segregated into two, the losers and the gainers. Zcash gains as the price escalates to reach the same price level from where it starts to drip down. It marks the initial stages of the uptrend. The market is in the transition phase, where users are changing preferences after the turmoil that occurred.
The chart show
The price forms a rising parallel channel and hints toward an upcoming breakout with greater force. It records smaller bars of volumes, indicating few players but highly influential. The price moves closer to the upper border of the Bollinger bands. It also reached the 20-EMA and may very soon reclaim the 50-EMA.
The CMF indicator surges beyond the 0-mark level and maintains the same momentum till the rally continues. The MACD indicator has converged and split slightly as the upward trend begins. The divergence may steadily widen with the ongoing trend. The RSI indicator moves straight up to the zone where buyers are more active. It may move higher and become overbought.
4-hour POV
The RSI indicator moves to the overbought zone beyond the 70-mark level. It may float within the same bounds as prices rise further. The MACD indicator moves diverged with smaller gaps as the trend needs more pace to cause sharp divergence. The CMF indicator floats in the upper zone and continuously marks uptrends for ZEC.
Conclusion
The market has started to recover and gain the users’ attention as it steadily overcomes the setback and rejoins the race to be the best. The survivors show the genesis of price rallies while the victims are still drowning.
Technical levels
Support levels: $34.80 and $30.00
Resistance levels: $54.70 and $62.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/24/zcash-tries-to-return-back-to-spot-where-it-all-started-a-slight-breakout/