Zcash has recovered above $1,370 on Nov. 6, gaining 7.11% on its daily chart as traders watch whether a breakthrough of resistance can support a November rally toward $1,500 and potentially $2,000.
Summary
- ZEC reached $1,388 after recovering from a weekly low near $1,120.
- Daily RSI rose to 58.42 as price moved above the upper Bollinger Band.
- Analysts Ardi and Altcoin Sherpa identified $1,350–$1,370 as a key breakout region.
- Support around $1,240–$1,250 sits beneath the latest recovery, with deeper support near $1,120.
The daily chart showed Zcash at $1,372.20 at 14:54 UTC, following a session that opened at $1,281.11 and touched a low of $1,247.83. Buyers pushed the token back toward the ceiling of its recent trading range after several unsuccessful recovery attempts during October.
The move brought ZEC into an area traders had been watching before this week’s rebound. As crypto.news previously reported, Ardi identified a break above $1,370 as his condition for a potential squeeze when Zcash traded around $1,310 on Nov. 4.
Zcash approaches the ceiling of its October trading range
In his latest commentary, Ardi pointed to Zcash’s return to $1,370 and anticipated pressure on short positions above the pivot. His accompanying chart showed a rounded recovery beneath a horizontal resistance zone, with the latest candles returning to that boundary.
Altcoin Sherpa placed the same area slightly lower, identifying roughly $1,350 as the support and resistance level ZEC needed to clear.
“$ZEC clear S/R level at 1350ish, need to break this region and then its clear to 2k imo (with a few pullbacks along the way),” he wrote in a Nov. 6 post.
The analyst said Zcash’s relative strength had been impressive while describing it as a popular short among traders in recent days. He disclosed holding a spot position.
His chart showed repeated rejections around the same horizontal boundary throughout October and early November. Holding above that region would therefore establish a different price structure from the earlier rallies that faded back into the range.
A move from $1,372.20 to $2,000 would require a gain of approximately 45.8%. Before reaching that target, ZEC would face the weekly chart’s $1,500 resistance level and its previous peak region around $1,700.
Daily momentum improves as ZEC moves above its upper band
The daily Bollinger Bands placed the upper boundary at $1,364.33, slightly below the chart price. Zcash was therefore attempting to move beyond both its recent horizontal resistance and the upper edge of its volatility range.
A daily close above the $1,350–$1,388 area, followed by support holding on a pullback, would strengthen the breakout case. A retreat beneath the same region would leave the latest move vulnerable to another rejection.
Momentum had improved alongside the recovery. The daily relative strength index stood at 58.42, above its accompanying average of 50.84 and the neutral 50 threshold. The reading remained below 70, leaving ZEC outside conventional overbought territory despite its session gain.
The weekly chart showed a similar rebound, with ZEC trading at $1,366.64 after touching $1,120.03 earlier in the week. Its gain stood at 10.70%, although the weekly candle remained unfinished.
Weekly ADX measured 37.65, indicating established trend strength without independently identifying its direction. The Murrey Math overlay placed price above $1,250, with $1,500 as the next marked resistance and $1,750 beyond it.
Liquidation clusters surround the breakout attempt
CoinGlass’s one-week liquidation heatmap showed prominent estimated liquidation concentrations around $1,340–$1,350, followed by additional bands toward $1,365–$1,385. The latest upward move was entering that overhead region.
Short positions liquidated during a rise can generate forced buying, potentially accelerating a breakout. The heatmap identifies estimated liquidation exposure, however, rather than establishing how many positions have already been closed.
Below price, concentrations appeared around $1,260–$1,270 and $1,215–$1,220. A failed breakout could bring those areas back into focus as ZEC retraces through its recent range.
The daily Bollinger middle band at $1,240.82 provides a separate support reference close to the weekly $1,250 level. Losing that zone would weaken the recovery structure and expose the lower band near $1,117.31.
That lower boundary closely matches the week’s $1,120.03 low, where the weekly candle began its recovery.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
