Zcash price faces a massive resistance level before a breakout towards $90
- Zcash price has been trading inside a range above $50 and below $90 for more than four months.
- The digital asset faces one of the strongest resistance levels before $90.
Zcash is currently trading at $72 after a 35% price increase in the past week. The digital asset has tried several times to crack a crucial resistance level at $75 but always failed to stay above it.
Zcash needs to climb above $75 and stay there to see $90
On November 23, 2020, Zcash managed to crack $75 and hit $90 before a massive rejection the next day dropping to $63. The digital asset tried more than a dozen days to climb above $75 again but failed to do so.
ZEC/USD daily chart
Zcash bulls have pushed the digital asset above two crucial moving averages, the 50-SMA, and the 100-SMA, and only face the $75 resistance level. A breakout and close above that level can quickly push Zcash price towards $90.
On the other hand, another strong rejection from this critical resistance level will most likely drive Zcash price towards the lower end of the range at $50 which has been a robust support level since May 2020.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
