- The long-term outlook remains in the uptrend.
- $160.00 in the supply is the bulls next target in the long-term.
ZEC/USD Long-term Trend: Bullish
Supply zone: $120.00, $140.00, $160. 00
Demand zone: $50.00, $40.00, $30.00
The cryptocurrency remains in a bullish trend in the long-term outlook. The target at $140.00 predicted in a last week long-term analysis attained on 26th June. The momentum was lost as signaled by the wick in the daily candle as the bears took control.
ZECUSD dropped to $85.75 on 27th June with the 50-EMA and the trendline acting as strong support for the bulls’ comeback. Price rose to $127.04 in the supply before the end of the week.
Price is above the two EMA an indication of strong bullish pressure while the EMAs area fanned apart indicating strength in uptrend.
The stochastic oscillator signal is in a parallel line at 43% an indication of possible sideways before the possible breakout by the bulls from the rectangle.
The expanding rectangle is the structure of the market, which favours a bullish continuation in the long-term, hence the bulls may continue to dominate the market in the coming days.
$160.00 in the supply area is another key support area up for a retest as the bullish pressure becomes stronger.
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