Zcash up 33% this week: next targets $126 and $156

19 Jun, 2019
by Lourens Pepler
Price Analysis
Zcash up 33% this week: next targets $126 and $156

Zcash has seen a 33% growth in the last 7 days and a 53% growth in the last month. Can ZEC, now valued at $112, reach its main target of $126 in the next coming days? This is Zcash analysis for 19 June 2019.

Highlights:

- First target of $98 hit

- Momentum making new highs

- Approaching main target of $126

Starting off with the daily chart, we can see that Zcash has hit the initial target of $98, and is now making its way to our main target of $126. If we take a look at RSI, to see what momentum is telling us, we are able to draw an uptrend line for this move that shows us we are still above trend. RSI is also making new highs, indicating momentum is still strong and growing.

Zcash/USD chart provided by Tradingview

We also still have our Fib tool laid out on the chart from our previous analysis for Zcash, which showed us the possible future expansion levels from its initial impulse wave. You can see that Zcash expanded almost perfectly to the first target of $98, before retracing back to the top of the initial impulse wave at $77.

After momentum found support at the 50 RSI, Zcash then moved on to its next and final expansion to complete this wave set. We can see that we have already hit the next Fib line, the 227%, but as we know this is usually just a small resistance zone and not a main interest Fib line.

Price usually takes a breather here due to traders taking profits after a nice increase in price, causing some minor selling pressure. As soon as those group of sellers are exhausted, the price will continue on to the main interest Fib line and the main target of $126.

Zcash/USD chart provided by Tradingview

If momentum can continue growing, then we might see Zcash reach the next Fib level, the 361%, which will get Zcash to a price of $156. For Zcash to be able to reach this high depends on if it can break resistance at $126 and find support above it.

Zcash/USD chart provided by Tradingview

Do you agree that Zcash can continue with this run and make new yearly highs, or is a dip overdue and we will see it fall back to $95? Let us know what you think in the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

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Read more about: Zcash (ZEC)

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