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- Zcash have faced severe corrections in the month after breaking above the crucial mark of $100
- The price levels have surely entered the depth of the bearish regime as the critical support level of $80 came into play
- The ZEC/BTC pair is also facing significant resistance at $0.0030 BTC
On the weekly candlestick chart, Zcash price levels were in a significant bullish phase from the starting of the year forming an ascending triangle on the chart. However, an overall wave of corrections in the market might add some vulnerability to the lower base of the pattern. However, the magnitude of the downfall is still not enough to be counted as a crash. Therefore, a positive breakout might bring back the bulls into the lobby. For the probability of happening, the price levels must have a positive breakout above the critical resistance level of $105.00 in the upcoming trading sessions.
The Moving Average Convergence & Divergence (MACD) levels are reflecting the open-ended bearish sentiment prevailing for Zcash in the current market scenario. The levels are looking vulnerable for a bearish crossover which might lead to further corrections in the upcoming trading sessions.
The exponential moving averages reflect a whole new side of the price action. 20-EMA already had a positive crossover against 50-EMA putting Zcash onto a bullish regime and the current magnitude of retracement also looks more molecular. Therefore, a positive bounceback after touching the support line could be expected in the upcoming weeks. The rational buying on dips opportunity can be at the price level of $65.00
The expected price action for Zcash in the upcoming weeks still looks bullish besides facing a correction of -10.50% over the past week. A positive bounceback after touching the critical support level of $65.00 might provide a fresh lobby to the bulls. A positive turnover from here will be having major resistance placed at $105.00.
