↳ Why This Matters
Zcash (ZEC) is showing a technical buy signal, indicating a potential pause in its recent selling pressure. This comes after a substantial rally in May, which saw the price surge over 200%. The cryptocurrency's price action is being closely watched to see if it can maintain its upward momentum and break through key resistance levels. Meanwhile, XRP has extended losses and is trading below key support levels, indicating bearish sentiment.
Key facts
- Zcash (ZEC) flashed a TD Sequential 9 buy signal on its 12-hour chart near $551.
- A move towards $642 is possible if $500 holds as support for ZEC.
- ZEC experienced a rally from $220 to $690 in May, a gain of over 200%.
- XRP price is trading below $1.280 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $1.3150 for XRP.
Zcash (ZEC) is showing a technical buy signal, indicating a potential pause in its recent selling pressure. This comes after a substantial rally in May, which saw the price surge over 200%. The cryptocurrency's price action is being closely watched to see if it can maintain its upward momentum and break through key resistance levels. Meanwhile, XRP has extended losses and is trading below key support levels, indicating bearish sentiment.
What Happens Next
01If $500 support holds, ZEC could target $642.
02Monitor price action around the $500 support level for ZEC.
03Observe if ZEC can sustain its position above the Ichimoku cloud and breakout support zones.
04Monitor XRP price action around the $1.280 and $1.30 levels.
05The market analyst Cheeky Crypto predicts XRP has a 53% chance of reaching $11.
