This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.

The prices of privacy -protecting digital currency zcash (ZEC) have moved past a key resistance or supply zone, which suggests greater gains ahead.

Since February, ZEC has traded sideways, with sellers dominating over $ 40. Meanwhile, dips near $ 25 have consistently found support, keeping the price within a narrow range.

On Sunday, buyers finally managed to chew through the long-lasting supply zone of $ 40- $ 43 and hit a high of $ 45.80 on the Crypto Exchange HTX, the level last seen on January 26, according to data source trading.

The so -called range is like a spring that is uncleared Bullish after building the demand under consolidation. This release of stored energy often results in a sharp, rapid feature higher.

Technical analysis theory suggests adding the range width or the spread between the upper and lower range limits to the breakout point. In ZEC’s case, the measured moving method points to a rally against $ 60.

The price moves through long-term resistance levels, which in ZEC’s case, often draw tender from breakout dealers. These devices seek to enter positions when the price of an asset moves beyond a defined support or resistance level, for the purpose of utilizing a continued move higher or lower.

ZECS Peer, Monero (XMR), recently broke out of a larger and more long -lasting interval game with a bullish golden cross that waves to heights over $ 300. Readers should note that chart patterns do not always act as intended.