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ZEC/USD Long-term Trend – Ranging
Distribution territories: $180, $210, $240.
Accumulation territories: $90, $60, $30.
It has been keenly observed that the form of ranging trend being featuring in the ZEC/USD market has been basically kind of lower highs over a week ago. In that sense, the range-bound region that surfaced in the market between Sept.16 and 22 had been slowly breached northwards convincingly to form another range-bound region.
Noticeably, a spike occurred on September 23 above the 14-day SMA‘s trend-line, and that has led the crypto to enter another set of ranging movements between $150 and $120 territories. Price has been fluctuating through and around the 50-day SMA quite a couple of days back. The 50-day SMA is located above the 14-day SMA. The Stochastic Oscillators have crossed below range 80, and they are seemingly consolidating around it now. This suggests that placing further trades may be suspended for a while.
There are probably factors that this cryptocurrency will still have to witness lower highs coupled with some lower lows within the current range-bound region in the next few days. A strong break down of $120 market price territory could lead the crypto market price towards the last low price point that featured on September 12.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.