Zcash Price Prediction: ZEC Price Shoot up 6%, Another 12% Rally Likely

• The bullish breakout is reflected in the Zcash hourly price chart.
• The price action shows a positive trend as it forms a high-low structure.
• Traders saw a change in trading volume of over 25% in the last 24 hours.

Zcash price has been stable since last week. Thus the market capitalization rises along with the USDT pair, the latter reversing from the monthly low. So far, bears are ignoring selling in the crypto market as bitcoin is shifting its swing low into higher territory, so they reduce their shorts into dips.

ZEC on 4 Hour Chart

In terms of the 4 hours chart, Zcash crypto against the USDT pair forms a higher-low structure since its annual bottom level. During sharp selling, buyers became the victim of the latest yearly lowest level at $33 mark, which turned into a vital demand zone for buyers. Later on, recently bulls turned $40 level into the most recent base point.

On the hourly chart, Zcash reflected a bullish breakout while bulls managed a positive trend above the ascending trendline (above the chart). Meanwhile, ZEC coin is trading at $42.91 mark at the time of writing. Moreover, the ZEC coin belonging to the bitcoin pair is green 2.27% at 0.002511 satoshis. 

In terms of the daily price scale, the buyers are moving towards the 50 day moving average after successfully holding above the 20 DMA (white). This recent bullish breakout could accelerate the ongoing momentum. Now the bulls need to break the $45 mark (weekly high) to take 12.5% ​​gains to the next round level of $50.

Thus the RSI indicator also takes support above the trendline (blue). At this time its peak remains above the middle path.

Conclusion

If Zcash bulls break the immediate resistance at $45, there are chances of more than 12% bullish rally. Moreover, traditional indicators like moving averages and RSI support the positive trend for this week. Notably, the bulls recently challenged the $40 level, the most recent support area.

Support level – $40 and $30

Resistance level – $45 and $50

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.