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Zcash’s (ZEC) Long-Term Fractal Predicts a 100% Price Increase

2 mins
Updated by Ryan Smith
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In Brief

  • ZEC is trading between support and resistance at $66 and $74, respectively.
  • The price has broken down from an ascending support line.
  • ZEC/BTC is trading inside a long-term parallel ascending channel.
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The Zcash (ZEC) price has moved above a long-term resistance level, and if the price acts in a similar manner to the last time it did so, it could rally by more than 100%.

Breakdown From Support

The ZEC price has been falling since Aug 6, when the price reached a high of $102.74. The decline continued until the price reached the $74 support area, bounced briefly but resumed downward afterwards. On Sept 4, the price broke down from an ascending support line that had previously been in place since March 13. This was a major bearish development. On Oct 12, the price validated the $74 area and the ascending support line it had broken down from as resistance. It has been declining since. Currently, it is trading just above the minor support area at $66.
ZEC Movement
ZEC Chart By TradingView
The shorter-term 6-hour chart shows that the price is following another ascending support line. Currently, it is in the process of re-testing it for the third time. A breakdown from the support line and the $66 support area would likely cause a drop towards $60 and $51. If the price manages to hold on above, it could make another attempt at $74, and possibly $85.
ZEC Support Levels
ZEC Chart By TradingView

Long-Term Similarity

Cryptocurrency trader @Pentosh1  outlined a ZEC chart, which shows that the previous time the price broke out from and validated the $64 area as support, it eventually doubled in value.
ZEC Breakout
Source: Twitter
Since Nov 2018. the price has broken out three times from the $55 resistance area. On two of these occasions (shown with blue arrows below), it validated the area as support afterward and continued to move upwards. The similarity is also supported by the weekly RSI since it validated the 50 line before moving upwards. On the other hand, in one breakout (red arrow), the support area failed to hold and the price broke down along with the RSI. If the $55 area and the RSI hold, ZEC could rally all the way to $115.
ZEC Weekly Similarity
ZEC Chart By TradingView


The ZEC/BTC chart shows a differing movement relative to ZEC/USD. The price has been trading inside a long-term ascending channel since Dec 2019. At the time of writing, it was trading in the lower portion of the channel, close to its ascending support line. Technical indicators are bullish, suggesting that the price will increase at least towards the middle of the channel, and possibly move upwards towards the resistance line. A rally in ZEC/USD towards $115 would likely cause the latter.
ZEC/BTC Channel
ZEC Chart By TradingView
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing...