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Zcash Price Analysis: ZEC Price Maintaining The Bullish Strength

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  • ZEC price action bounced back from $167 to $199 on Saturday’s trading session
  • The 24-hour volume in ZEC is at $720,239,612 with a 30.80% increase
  • The ZEC/BTC pair was trading at 0.003296 BTC with 0.41%

The 4-hour technical chart of ZEC price action forecasts a positive trend. According to pivot points, ZEC’s critical support level is placed at $167.80. Whereas if it moves up, the key resistance level to watch is $207. While diving into the weekly chart of a 4-hour time-frame, it completes a spinning top candlestick pattern representing neither buyers nor sellers could gain the upper hand.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is above EMA-13 (green), which projects a positive trend. The price is sustaining above 8-EMA. Investors may perceive positive crossover in the EMA, and the price will also follow the positive trend.

RSI indicator (BULLISH), with a value of 65.20, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 43 to 65 in the index, and it may surge in future trading sessions.

The volume of (6.45K) represents a selling volume which is below the Volume MA (16.26K) of 20-days. High buying pressure is required in ZEC to drive its price to higher levels.

Buying Volume is Required In ZEC Price

ZEC price traded at $199 with a gain of 3.10% in the last 24-hour and 17.72% up in the weekly time-frame. Furthermore, ZEC bounced back from the support of $167.80. In contrast, the market capitalization stands at $2.3 billion. Technically, investors can perceive a positive crossover in EMA, and the price is above the 8-EMA. RSI index showcases an upward slope. Moreover, the price movement can exceed the resistance of $207 in future trading sessions.

Resistance: $207.0

Support: $167.80

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