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The price of the digital currency ZEC rose to around $418 after a daily increase of 13% and a weekly increase of 24%.
The price rose after breaking the $407 level and acting as support.
The price is currently approaching the resistance at the 0.382 Fibonacci level at $472.
If exceeded, price targets could be $525 and then $616.
The uptrend also hinges on support near the 50 moving average at $357.
The RSI index reached 69, indicating that the overbought zone is approaching.
Investors behave differently:
Ardi analyst data shows that small and medium-sized portfolios are selling heavily, while large portfolios are buying between $100,000 and $10 million, recently exceeding $100 million.
Other analysis suggests that the currency’s price has declined closer to the $425 level amid declining trading volumes and a divergence between derivatives and spot contract flows.
The next few hours will show the direction of currency prices.
Also read:
The digital currency market fell sharply: Bitcoin price fell, HYPE currency led the decline
