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- 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.
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
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
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
