Zcash(ZEC) Price Analysis: Quest To Flag The Previous Top

Buckle up, ZEC price to reach moon
  • ZEC price has given a breakout from a symmetrical triangle, which has the potential to push the price by 13%
  • ZEC is due on volume to confirm the breakout. However, the price range is dominated by the buyers 
Source: TradingView

ZEC price broke out of a symmetrical triangle in today’s session, which may take the price up by 13-15% or even more if it breaches its previous top’s horizontal resistance. The price range is crowded with buyers, which shows a formation of a likely support zone; however, the support for today’s session is still low to commence a strong uptrend. The Market cap and 24-hour volumes are $1,771,980,455 and $360,269,253 respectively. 

Buckle Up, ZEC price To Take Off!

Source: TradingView

Left Image: Price action of ZEC price shows the formation of a morning star candlestick pattern accompanied by a breach of 61.8% retracement levels. The Fibonacci levels are $121, $134, and $150. The resistance is imposed by 100% retracement at $190-$200. 

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Right Image: The price has successfully tested the 50-EMA and is continuously rising. The price is supported at $130(50-EMA) and $95(200-EMA). 

Bollinger Band shows a confirmation of uptrend as the price, after facing rejection from the upper band, tested the median and continued journey upward. The supports lie at $137(median) and $94(200-EMA). 

RSI has reached 60 levels after a breach of 50 levels. RSI above 50 indicates a bullish stance, but 60 levels are resistance for the indicator; a further rally is likely to take the indicator to 80 levels.  

MACD(8,21,5) gave a bullish turnover at the 0 levels to signal the bulls for an entry. However, further momentum is still needed. 

Conclusion:

ZEC price has taken support at 61.8% retracement and gave a triangle breakout accompanied by a widened up Bollinger band, increasing RSI and rising MACD. Volume is still left to aid the coin to surge further. 

Support: $147-$150, $137 and $120

Resistance: $160, $180 and $190-$200 

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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