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The market remains bearish as most of the coins are in the red zone, according to CoinMarketCap.
ZEC/USD
The rate of ZEC has rocketed by almost 10% over the last 24 hours.
On the hourly chart, the price of ZEC has made a false breakout of the local resistance of $706.
However, if the daily bar closes near that mark, the upward move may continue to the $720-$730 range.
On the bigger time frame, the situation is rather more bullish than bearish. If a breakout of the $750 level occurs, the accumulated energy might be enough for a price blast to the $800 zone.
From the midterm point of view, one should focus on the weekly candle's closure in terms of the nearest resistance. If bulls can hold the initiative, there is a chance to see a test of a new all-time high by the end of the month.
ZEC is trading at $703.53 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team