Zcash (ZEC) Eyes Rally Beyond $500 as Technical Indicators Signal Bullish Momentum
Execution Strategy: Considering the current technical momentum and proximity to a pivotal resistance, a cautious buy approach is advisable. Initiate a position near current levels around $438, placing partial orders at or just below this price to capitalize on possible short-term dips. Monitor the RSI to remain above 50 and the CMF for continued upward trend as entry confirmation. If ZEC decisively breaks above $442, consider adding to the position targeting the $500 resistance.
Risk Management Strategy: Set tight stop-loss orders at approximately 5-8% below entry points, particularly near the $403 support level, to mitigate downside risk. Maintain a favorable risk-to-reward ratio of at least 1:2. Continuously monitor for any bearish signals such as RSI falling below 50 or CMF declining significantly, which would warrant reassessment or exit.
