Zcash Price Forecast: ZEC Price Can Provide Gain Of 15% In Upcoming Trading Session

ZEC Bulls ready for the new run
  • ZEC price is currently moving in a parallel channel with a gain of 4.73% over the day and might be ready for the breakout to higher levels
  • Technical Indicators suggest a bullish move for ZEC. Meanwhile, the ZEC/BTC pair is trailing at 0.002388 BTC.
Source:Trading view

Zcash price is at $132.13 with a gain of 4.82% in a day. The price of ZEC can encounter resistance while going upside at $170. The bounceback for Zcash can be seen from $125.ZEC price is below 50 and above 100 Days Moving Average. The 50MA (Red) line is at $137, making it temporary resistance for the price. The price is currently observing a robust bullish move and is assumed to give a positive breakout. If the price crosses above 50 MA, it would see a new high being formed. The ZEC/BTC pair sees a consolidated move and can see a bullish momentum in the future. 

Zcash is ranked 65, with a market capitalization of $2,774,905,332. The coin volume went down by 21.86% and is at the value of $$297,303,042

TECHNICAL INDICATOR SUGGEST A BULLISH MOVE FOR ZEC PRICE

Source:Trading view
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The weekly technical chart of Zcash highlights a bearish move for the coin. ZEC price has also seen a loss of 5.37% on the weekly time frame. The daily chart of ZEC hints at the continuation of a bullish move. On coming to the shorter time frame of 4 hours, the coin has formed an upward parallel channel. If the price breaks above 10% of the current position, it can see a rally up to $200 in upcoming trading sessions. The present market scenario supports an uptrend for Zcash price.

The volume indicator is at 1.416K with the hint of lower buying pressure. If the price climbs above $160, then a substantial buying volume can be seen.

RSI(Bullish): It is currently at 50.2, showcasing its presence in the neutral zone. There is a positive slope formation in the RSI, suggesting the price may see an uptrend. The overall sentiment of the RSI is Bullish.

CONCLUSION

ZEC has seen a gain of more than 200% from the start of the year. The ZEC/BTC pair performs positively with a growth of 0.54%. An Investor should do their due diligence before investing.

TECHNICAL LEVELS

Major Resistance:$170

Major Support:$125

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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