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Zcash (ZEC) Price Analysis for January 11
Source: CryptoNewsNet Original Title: Zcash (ZEC) Price Analysis for January 11 Original Link: The last day of the week is bullish for the crypto market, according to CoinMarketCap.
ZEC/USD
The rate of Zcash (ZEC) has risen by 3.34% over the last 24 hours.
On the hourly chart, the price of ZEC might have set a local resistance at $400.60. If the daily bar closes far from that mark, one can expect a test of the support by tomorrow.
On the bigger time frame, one should focus on the nearest level at $371.25. If a breakout happens, the accumulated energy might be enough for an ongoing decline to the $320 zone. Such a scenario is relevant over the next week.
On the weekly chart, the price of ZEC has bounced off the support at $371.25. However, if a correction does not happen and the weekly bar closes near that mark, traders may see a test of the $300 range by the end of the month.
ZEC is trading at $389.24 at press time.