Zcash Pushes Past $40 Mark, Turning Key Resistance into Bullish Signal

Zcash Breaks Through $40 Resistance, Eyes Further Upside Potential

Zcash (ZEC), known for its focus on privacy, has recently surpassed a crucial resistance level, hinting at the possibility of substantial gains in the near term.

Since February, ZEC had been trading within a narrow range, oscillating between $25 and $40. The $40 price point had proven to be a strong resistance, with sellers holding control above this level. On the other hand, support was found consistently near $25, creating a balanced yet stagnant trading range.

This changed on Sunday when buyers pushed past the $40-$43 resistance zone, reaching a peak of $45.80 on HTX exchange — a level not seen since January 26, according to TradingView. This breakout is often viewed as a sign of pent-up demand being released, which could fuel a swift move higher.

Using the measured move method, technical analysis points to a possible target of $60 for ZEC, by adding the width of the range to the breakout level. This type of breakout often triggers buying from traders who anticipate the momentum to continue, hoping to capitalize on further price increases.

Zcash’s recent price action mirrors a similar pattern seen with Monero (XMR), which recently experienced a bullish breakout of its own, surging past key resistance levels to reach new highs. While breakout patterns typically result in positive price movement, traders should remain cautious, as market conditions can sometimes defy expectations.