Zcash cryptocurrency can be expected to correct down once it reaches next resistance level 637.00 – with the target of the downward correction standing at formed high at 637.00.
- Zcash approaching major resistance level 683.00
- Likely to correct down to at 637.00
Zcash cryptocurrency has been rising sharply inside the active minor impulse wave 3 – which earlier broke above the key resistance level 637.00 (which stopped wave B at the start of July, as can be seen from the daily Zcash chart below). The active impulse wave 3 belongs to the intermediate impulse wave (3) from the middle of June. The price is currently approaching the major resistance level 683.00, which stopped the sharp uptrend in May – which can attract some profit taking from this level.
Given the strength of the resistance level 683.00, partially weakening bullish sentiment that can be seen across the crypto markets today and the overbought daily Stochastic reading, Zcash cryptocurrency can be expected to correct down once it reaches next resistance level 637.00 – with the target of the downward correction standing at formed high at 637.00.