Discover Why Zcash (ZEC) is Poised to Surge to New Heights
Zcash surges 9% in a few hours, forming a harmonic pattern on its chart that could drive its price to new highs. Technical traders are now closely monitoring key levels around $545 and $604.
Anatomy of a promising setup
Analysis of Zcash ‘s 4-hour chart reveals the presence of a Bullish Bat harmonic pattern, a technical structure appreciated by traders for its relative reliability in bullish reversal scenarios. The pattern began at point X near $370.60, then developed through a series of movements alternating between impulse and correction.
The sequence continued with a rally to point A, followed by a retracement to point B, then a new push toward point C, before completing the pattern at point D around $685.26. This final stage represents what traders call the potential entry zone, where the relationship between assumed risk and expected gain becomes attractive.
Since validating point D, ZEC has shown a significant bounce and has reclaimed the 100 MA located at $462.00. This level now constitutes an important dynamic support that the price must maintain to preserve its bullish momentum. The next resistance lies at the 50 MA level at $545.69, a threshold whose breach could catalyze an acceleration of the movement.
Price targets and levels to watch for Zcash
Traders using harmonic patterns generally rely on the Potential Reversal Zone (PRZ) to define their targets. In this case, this zone extends between $604.37 and $748.87, corresponding respectively to the Fibonacci extension of 0.618 and the 1.0 extension level of the CD leg.
A convincing break above the 50 MA with increasing volume would constitute a strong bullish signal. Buyers would then have a clear path to push the price toward the lower part of the PRZ around $604, representing an upside potential of approximately 18% from current levels. Particularly vigorous momentum could even carry ZEC to $748, which would represent a gain of nearly 47%.
Conversely, a failure to maintain support at the 100 MA could lead to a lateral consolidation phase. In this scenario, the price could trade in a range for several sessions, giving buyers time to accumulate enough positions to restart a sustainable bullish trend. Traders will therefore closely monitor the price behavior around these moving averages in the coming days.
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Simon Dumoulin
Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.
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This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
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