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27/01/26 08:46 UTC-04

Zcash Forms a Giant Bullish Pennant. A 90% Rally Is Possible

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Trading Zcash Forms a Giant Bullish Pennant. A 90% Rally Is Possible

On Monday, January 26, the price of Zcash fell to a two-month low of $326. However, over the past day, the cryptocurrency has partially recovered its losses and is now fluctuating around $368. At present, there are prerequisites for further growth.

On the daily chart, the price of Zcash has formed a multi-month bullish pennant, a pattern that is typically considered a continuation signal when it appears during a sustained uptrend.

A breakout from this pattern could lead to a parabolic rally in the price of the digital asset in the coming months. Such a trend is often observed after breakouts from such a reliable technical structure. Momentum indicators such as MACD and RSI also suggest that bulls have enough strength to trigger a breakout. Notably, the MACD lines appear likely to cross in a bullish direction soon, while the RSI has rebounded from oversold levels and moved closer to the neutral threshold.

For Zcash, a strong upward move that breaks above the psychological resistance level at $400 could trigger a rally toward $700. This target is calculated by adding the height of the previous flagpole to the price at which the breakout occurs. At the time of publication, this target was 90% higher than the current price.

See also: "Bitcoin price corrects again, but traders prepare for a breakout"

#Zcash #Bullish trend #Forecast

Editor: Alyona Nabok
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