ZEC/USD pair reached the support area at $306

The currency pair reached the support area at $306.71 during the Asian session. Zcash jumped off it later and moved higher. The currency pair has broken through the next resistance area at $325.54 and managed to develop its progress.

Bulls seem to drive ZEC/USD towards the next resistance area at $366.51, but there is an obstacle on their way as the price is still below the lower border of the Ichimoku cloud. Zcash declined 1.90 percent in the last 24 hours.

The possible scenarios for ZEC/USD are the following:

1. Zcash will cross the Ichimoku could and reach the next resistance area at $366.51. There is the local ascending trend line close to that area and ZEC/USD is able to reach it in this case. If the price jump over this line, Zcash will restore the uptrend on the hourly chart.

2. ZEC/USD will jump off the lower border of the Ichimoku cloud and move towards the closest support area at $325.54.

3. ZEC price will stay close to the current levels without significant changes.

Zcash jumped off the support area and the higher border of the Ichimoku cloud on the daily chart. However, the midterm situation still remains unclear.

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