Privacy-Focused Altcoin Breaks Through $40 Resistance, Signaling a Bull! - Coin Bulletin

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Zcash (ZEC) has broken the critical resistance level, sending potential bullish signals in the cryptocurrency market.

According to CoinDesk analyst Omkar Godbole, the privacy-focused cryptocurrency Zcash (ZEC) has recently achieved a critical technical breakout. The currency, which has been trading in a narrow range since February, has managed to overcome a significant resistance that has been anticipated for a long time.

According to technical analysis, ZEC has broken the selling pressure in the 40-43 dollar range in recent weeks, rising to 45.80 dollars. This level was the price level seen last on January 26. The cryptocurrency has been trading in a narrow range between 25 dollar support and 40 dollar resistance since February.

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Bull signal commentary

Technical analysis experts refer to this breakout as a "release of pressure." The release of long-standing accumulated demand usually indicates rapid and sharp price movements. According to current calculations, ZEC's potential target price could rise to the level of 60 dollars.

Investors known as breakout traders start to take positions in situations where resistances are broken. Similarly, the privacy-focused competitor cryptocurrency Monero (XMR) also recently caught a similar upward trend.

Experts are reminding investors to be cautious, noting that chart patterns may not always behave as expected.