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- The Zcash coin is moving higher to hit the conceptual round level of $100.
- Bulls are struggling for the more upside rally near the 100-day moving average.
- The Market Cap of ZEC coin is up 8% above $1.15 Billion in the last 24 hours.
The Zcash coin finally displayed the bullish breakout of the horizontal range in the last 24 hours. Last week buyers gained decent benefits despite remaining under the accumulation phase. Speculators have started to take a bullish view on ZEC after seeing stability above the 50-day resistance level.
This range-bound breakout seems reliable because buyers re-accumulated coins just before the breakout. Later on, the $70 mark turned into the immediate support zone. Moreover, the buyers have a crucial hedge zone near the 2022 lowest level of $50.
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At the time of writing, the Zcash coin is trading at $76. Although bulls have an opportunity to dominate asset price to the conceptual round level of $100 because of the retracement phase, they may struggle ahead.
Due to sharp moves over the last 24 hours, the Market Cap of ZEC coin is up 8% above $1.15 Billion as per the CMC. The retracement phase is likely in upcoming days because buyers got near the 100-day moving average. Meanwhile, the pair price of ZEC along with the Bitcoin pair, is up 7.6% at 0.003201 Satoshis.
ZEC May Hit $100 Mark Before August End
The trading volume increased by 95% over the last night, but buyers may see retracement ahead as Stoch RSI is looking flat in the overbought zone. Besides, assets are trading above the 20 and 50-day moving averages in terms of the daily price scale. In addition, the MACD is suggesting an uptrend in Zcash coin.
Conclusion
The Zcash coin is trading at a 100-day moving average. However, bulls moved the ZEC price above this bullish hurdle but failed to sustain above it. Buyers may see the immediate support level’s retest if the price stays below 100-DMA for a long time.
support level- $52 and $40
Resistance level- $80 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
