Zcash price analysis: ZEC/USD is subject to a breakout from a bullish pennant pattern
- Zcash (ZEC) is trading up some 0.10% in the second half of Monday’s session.
- Price action via the daily chart view is moving within bullish pennant formation.
ZEC/USD on Monday is trading in minor positive territory, holding gains of just some 0.10%, in the second half of the session. Price action via the daily chart view has formed a bullish pennant pattern, subject to a breakout.
Zcash, the privacy-based cryptocurrency (ZEC) are set to create a new zcash protocol with a sharding feature. The company behind the token, Electric Coin Company are keen "to make zcash usable by 10 billion people by 2050," according to the Chief Engineer at ECC, Nathan Wilcox.
In terms of next major upside areas of resistance; $140, an area of supply last seen trading between September – November 2018.
ZEC/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
