Home
News
- Zcash continuing its bullish momentum forming higher high swings
- ZEC reclaimed trendline as well as above 50 day ema and may approach previous monthly high at $54.8
Zcash had been forming higher high swings indicating buyers are highly active on lower levels and intent on pumping the price. Buyers may face difficulty in breaking the $50 mark without a meaningful consolidation at the range of $40 to $48. So, as of now prices are in an uptrend but may take minor retracement in coming days. Presently, ZEC is trading lower by 0.22% on a intraday basis while the 24h volume to market cap ratio stands at 0.0516.
Larger time frame narrative
On a larger time frame, ZEC had been trading sideways in the range between $49 to $83. Recently, in the aftermath of the FTX bankruptcy case, ZEC broke its lower range and slipped below $49 and hit a new low at $33. Later, it recovered almost 40% from recent lows while approaching the $50 mark. If ZEC trades above $50, the next hurdle will be the $67 to $83 range.
The 200-day EMA (green) sloping downwards indicates a trend to remain weak on a positional basis. The 50-day EMA (pink) at $45 sloping sideways indicates prices are expected to trade range bound for the coming few sessions whereas, the RSI at 59 pointing upwards indicates strength to continue in coming weeks.
Smaller time frame narrative
On a smaller time frame, ZEC is in an uptrend, forming higher highs swings and respecting the short term trendline. Recently, the supertrend indicator had generated a buy signal. Prices are trading above the green line indicating any dips would be treated as buying opportunity and if prices retest the support zone of $41, it will be a high probability trade for bullish players.
Summary
Zcash performance has been quite stable as compared to peers and has almost recovered its previous month loss. So, aggressive traders may look for buying opportunities at lower levels for the target of $60 and above by keeping $38 as SL. However, conservative investors can also accumulate ZEC on lower levels but price will pick up momentum when bulls will be able to trade above the $50 mark.
Technical levels
Resistance levels : $67.00 and $83.00
Support levels : $41.00 and $32.00
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
