Zcash has realized a bullish reversal this week as the markets absorbed inflation reporting, the EU parliament excluded language restricting Proof-of-Work from MiCA, and the Federal Reserve clearly conveyed no substantive change to monetary policy in the immediate future.
Bullish price action likely to continue if ZEC confirms a breakout from the descending triangle with a daily close above the trendline, idealing realizing $170 support with a clean bounce.
Broader markets appear poised to enjoy bullish sentiment for next few months given midterm elections this fall.
Significant risk of further inflationary pressure resulting in a monetary policy reversal cannot be ignored.
Closely watch CPI & PPI in the coming months as these likely will see further sharp increases that will ultimately result in Central Banks reversing course.
Bullish price action likely to continue if ZEC confirms a breakout from the descending triangle with a daily close above the trendline, idealing realizing $170 support with a clean bounce.
Broader markets appear poised to enjoy bullish sentiment for next few months given midterm elections this fall.
Significant risk of further inflationary pressure resulting in a monetary policy reversal cannot be ignored.
Closely watch CPI & PPI in the coming months as these likely will see further sharp increases that will ultimately result in Central Banks reversing course.
