Zclassic has really been emerged as superstar of altcoins as it surged more than 27000% in matter of around 20 days.Their are fundamental reasons related to its inclusion in bitcoin for up coming fork but i do not want to go in that detail as I am not good in fundamental part of coins, so i better leave that topic with experts.
On technical front, i want your attention on chart below, then we will proceed with this analysis......
Retest Of Prior Resistance
In its rocket run up, zclassic has breached roof after roof which i mean is resistances, and also breached its all time high resistance of 898 k Satoshi level. One can clearly see on chart above that this level has resisted the first rising wave of zclassic which surpassed the 623 k satoshi resistance mark and after retesting, zclassic shoot pass the 898k mark and now same will going to be tested as support.
The correction after hitting all time high of 1547k satoshi level is undergoing as zclassic has corrected 37% from its high.
Moving average
10 days EMA (blue wavy line) on chart above is acting as support and test of this moving average is always happens in run up and every time it proves beneficial for script.
Gloomy Picture for Sellers
Recent days volumes level are below average and that are painting gloomy picture for sellers because correction is undergoing in its fresh state but sellers seems exhausted already. Buyers seems to be taking a breather but never know when they come back crushing shorts on their way up. In that sense sellers need to be cautious of the fact that this script is in strong uptrend and they must exit their profitable position at support without second thought.
Conclusion
In conclusion, zclassic is in strong uptrend and undergoing correction is part of uptrend. Current dip is actually a buying opportunity for new buyers to enter with strict closing stop loss below prior resistance line at 898k level.
____________________________________________________________________________
If you like my analysis then do not forget to upvote, follow, comment@jimmyrai28
if not then criticize, this also will be highly appreciated.
You can also drop a comment in 'reply' if want you want me analyze any script of your choice.
Now you can also find me on discord channel: https://discord.gg/VvHmhvH
One can also resteem and get free upvote their post by just replacing http:\\ with re in their post link.
Thanks for the analysis, I hold zcash but haven’t really looked at zcash classic.
This is really helpfull !
|
oh gud, this thing is long term hold
Your post has been very beautiful ( Plz Upvote My Commente)
I think you talk about a important topic.....i impressed to see your post..... i wish for your best of luck brother