Zcash Price Analysis ZEC / USD: Y The Fork?
Y so serious? Traders are speculating on Zcash getting its own fork.
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- Zcash has a bullish short-term trading bias, with the cryptocurrency testing towards the best levels of the year so far
- The four-hour time frame shows a bullish breakout is currently underway
- The daily time frame is showing that a bullish breakout from an ascending triangle pattern is also underway
In April, Ycash announced a “friendly” hard fork which will happen on July 18th and launch a new coin. The Ycash project is independent from both the Electric Coin Company and the Zcash Foundation. Zcash holders will be receiving Ycash, which will likely provoke speculators to buy Zcash prior to the actual hard fork.
Zcash / USD Short-term price analysis
Zcash has a bullish short-term trading outlook, with the ZEC / USD pair probing towards the best levels of the year so far.
The four-hour time frame shows that the recent rally in ZEC / USD pair has invalidated a large head and shoulders pattern, with the breakout move yet to reach its full upside target.
Technical indicators across the four-hour time are conflicted and failing to generate a clear trading signal.
Traders should note that the November 14th swing-high is the overall target of the invalidated head and shoulders pattern on the four-hour time frame.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish and still shows scope for further upside.
The MACD indicator on the four-hour time frame is conflicted, with the MACD signal line turning negative while the MACD histogram moves higher.
Zcash / USD Medium-term price analysis
ZCash has a bullish medium-term trading outlook, with the ZEC / USD pair performing a major upside breakout on the daily time frame.
The daily time frame is showing that an upside breakout has occurred from an ascending triangle pattern, with the bullish move yet to reach its full upside objective.
Technical indicators on the daily time frame remain bullish and continue to issue a buy signal.
Traders should note that the upside target of the ascending triangle pattern is also the November 14th, 2018 trading high. If the ZEC / USD pair reaches this target a much larger bullish pattern could form.
Relative Strength Index
The RSI indicator remains bullish on the daily time, although it has moved into extreme overbought territory.
The MACD indicator on the daily frame remains bullish and continues to issue a strong medium-term buy signal.
Zcash continues its recent advance, with the cryptocurrency well supported by upside momentum from the strong technical breakouts underway on both time horizons.
At present, all indications points to a pending test of the November 14th swing-high and the potential formation of a much larger bullish pattern.
Check out our coin guide for Zcash for a quick overview of the project.
A deeper dive is available in our DARE analytical report.