Zcash price could be on the verge of a correction as indicator flashes sell signal
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Zcash price is up by 116% in the past two weeks and has established a new two-year high at $120.69. Additionally, the digital asset has seen a massive

  • Zcash price has surpassed the 2020-high hitting $120 for the first time in years. 
  • In the past few days, Zcash has experienced a massive spike in trading volume.
  • Zcash price has surpassed the 2020-high hitting $120 for the first time in years. 
  • Zcash price has surpassed the 2020-high hitting $120 for the first time in years. 
  • In the past few days, Zcash has experienced a massive spike in trading volume.
  • In the past few days, Zcash has experienced a massive spike in trading volume.

    Zcash price is up by 116% in the past two weeks and has established a new two-year high at $120.69. Additionally, the digital asset has seen a massive increase in trading volume which adds a lot of credence to the breakout.

    Zcash pricenew two-year high at $120.69

    Zcash price could suffer a significant correction after massive rally

    On the daily chart, the TD Sequental indicator has just presented a sell signal for the first time since August 2020. In the past, these calls have been notably accurate which adds a lot of selling pressure to Zcash.

    zec price

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    ZEC/USD daily chart

    ZEC/USD daily chart

    Additionally, on the weekly chart, the RSI has just touched the overextended zone which often leads to a pullback. The past three oversold RSI’s have pushed Zcash price down by an average of 65%. 

    zec price

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    ZEC/USD weekly chart

    ZEC/USD weekly chart

    However, the current Zcash uptrend is intact and bulls remain in control over the short and long trends. On the hourly chart, the most significant support level is the 100-EMA which has served as a guide for the bulls since the beginning of the run on January 6. 

    chart

    zec price

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    ZEC/USD 1-hour chart

    ZEC/USD 1-hour chart

    As long as the bulls can continue to defend the 100-EMA, the uptrend will remain intact. The only resistance level is established at $120. A breakout above this point can quickly drive Zcash price towards the psychological level at $130.

    Zcash price

    From: FXSTREET