Welcome back,
Today I am going to talk about one of the tokens that was in the headlines for outperforming the entire crypto market along with a few other tokens, and the name of this token is Zcash.
Now, while the token was performing really well and it actually gave multiple times return to the investors who even invested in the month of October, the current situation for this token is not really good.
On 15th of November, the token was trading at its recent high around $750-760, and right now, at the time of writing this post, the token has fallen to $334, which is a big difference. And if you ask me the percentage in which the token has lost its value, then 55% of correction has been seen in this token in just 15 days.
Now while it is a bloodbath for Zcash and maybe for those who invested in Zcash above $400 or $500, there is also a sign of opportunity for people who want to earn some profit from Zcash.
If the token can come down to $280, then that is definitely a trigger point to buy this because there a very strong support is waiting for Zcash. I will personally try to buy it if it gives me the chance to buy it between $270 to $300, because I think that is a good price to buy. Otherwise, I am not going to get involved in this token and I am going to stay out of it.
Even though for someone who does not own this token, they can do DCA in Zcash and maybe they can do DCA around the price points of $300 and $280, and so on, but the main thing to remember is that we have to wait for the correct triggers to hit so that we can actually buy this token.
Now the bottom point for this token is $180 to $200, and so it can even fall up till that point, but I think $280 to $300 is the price range where I am going to buy it.
That is going to help us earn somewhere around 40% to 50% on this token easily, because if it returns from $280 to $290, then we are definitely going to see it climbing once again to $350 and $400, and that is going to be a good profit.
So if you want to buy this token, maybe you should look at the technical analysis and the 1 day time frame chart for this token, and there you can mark the levels. The levels are:
$180
$290
$350
These are the three levels you have to look at. Though I strongly believe that if everything goes well, we are going to return from $290.
So definitely in the coming days, if you get that price, you should definitely buy it. At the end of the day it is your money, so do your own research so that you do not regret later in case you lose your money or a part of your money.
Thank you and happy trading everyone.
