Zcash(ZEC/USD) Update 25/12/2017: Consolidating After Big Downmove.......

Zcash is another is digital currency which is seen consolidating after recent black Friday. In spite of big downmove, Zcash is still in uptrend and one can say about recent downmove is rather corrective or shake up move which is needed to cool off some euphoria if present in investors mind as this script has surged more than 100% from $317 level which was resisting Zcash for long time. That euphoria must have cleared and they should have come back into senses.

Currently, Zcash is trading at $557 which is up 5% from yesterdays close. Before going any further lets take a quick look at chart below....

Uptrend Is Intact

As Zcash is trading much above the supporting level of $412.50, its quite clear for investor or traders of this script that this script is still in uptrend and dips are infact buying opportunity.

Positive Momentum

Momentum in this script is also positive as moving averages are still in expansion mode. What good has happened in this correction is that 50 days EMA has been tested and that has provided bounce back to this script. It is important to test key levels time and again for script as they keep script healthy for investors by keeping weaker hands at bay.

Support and Resistance

As discussed earlier that moving averages are providing much need support to this script. other that those $412 level is a solid support and $676 level is resistance level for this script.

Conclusion

At end, its been cleared that recent correction has done little harm to positive momentum in this script, in fact correction has created another opportunity for buyers to enter ans as this script is currently trading above 10 days ema, new positions can be taken in this script for decent profit.

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