Zcash’s (ZEC) charts appeared to be reaching a critical technical point at the time this article was written. The token was facing a resistance wedge after three days of strong bullish movement.
Structure has been tightening up and a break out may be near.
Demand zone sparks strong recovery
Recently, the bullish trend began around $212 as a demand level. At that critical level of demand, buyers aggressively stepped in and started the explosive move.
ZEC is now printing consecutive sessions of bullish trading. Momentum also clearly changed. This type of reaction is often the beginning of something bigger.
The wedge is now the focus of attention
ZEC traded at press time on the outer edge of an wedge pattern. The price has actually been compressing for several days.
This resistance is significant. The breakout could signal a positive outcome and may attract traders, investors and other momentum traders.
The level will remain a barrier until then to protect long-term investors and current buyers.
ZEC Whales make moves after significant inflows
The On-Chain Data is more important ZEC’s bullish structure. Whales were active in accumulating on the Spot as well as Futures Markets. The price of altcoins seemed to be in line with this development.
The altcoin bullish movement could intensify further if the accumulation spree continues.
ZEC’s net flows also topped $10 million within the first 48 hours.
A sign of confidence is growing. This is not only retail, but also larger players could be positioning too.
What is next for ZEC
This is a very simple setup.
ZEC may enter an expanding phase if bulls manage to break above the wedge around $233. This could lead ZEC towards its next resistance at $289. The move will be backed by both strong inflows of funds and the backing from whales.
The resistance may consolidate if it is not broken.
As of the press release, it is possible that momentum favors the positive. Confirmation is needed.
Final summary
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Source: ambcrypto.com
