Zcash Technical Analysis 31 December, 2021

• Zcash reversed from support zone
• Likely to rise to resistance level 173.00

Zcash cryptocurrency recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support zone located between the strong multi-month support level 145.00 (former resistance from September) standing close to the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term impulse wave 3 of the higher order downward impulse wave (1) from October.

Given the strength of the aforementioned support zone, bullish divergence on the daily Stochastic – Zcash cryptocurrency can be expected to rise further toward the next resistance level 173.00 (top of wave 2).

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