The ZEC/BTC pair was trading at 0.001368 BTC with a dip of 4.39% over the intraday trading session.
Zcash (ZEC) price prediction suggests that it is on an uptrend after bouncing back from its secondary resistance of $30.057. ZEC token price experienced a tremendous fall of 80.29% in the prior trading year which shows that 2022 was dominated by the sellers. Around the end of 2022, ZEC token was trading near its primary support of $38.903 due to heavy selling pressure in the market.
However, from the start of 2023, ZEC price was rising slowly with the help of active buyer support in the market. But after testing its primary resistance of $49.716 the ZEC price got rejected and lost its upward momentum. This might be the cause of a prior downtrend as can be seen over the daily time frame chart.
However, the formation of the morning star candlestick pattern after the downtrend might be the cause of the current uptrend.
The trading volume of the coin decreased by 3.54% in the last 24 hours, meaning that Short-selling in the market has increased. Sellers are trying their best and there is no relationship between the volume and the price of ZEC, which shows weakness in the current bullish phase.
Zcash Price Technical Analysis
The Relative Strength Index (RSI) is increasing in the overbought zone and has shown a positive crossover over the daily time frame chart, wherein the buyers are in the majority and pushing ZEC upwards. This shows the strength of the current bullish trend. The current value of RSI is 51.85, which is above the average RSI value of 46.68.
The MACD and the signal line are increasing and have shown a positive crossover on the daily chart.
Conclusion
Zcash price prediction suggests that it is in an uptrend after bouncing back from its secondary resistance of $30.057. ZEC token price experienced a tremendous fall of 80.29% in 2022. From the start of 2023, the ZEC price was rising slowly with the help of active buyer support in the market.
Furthermore, both RSI and MACD are increasing and have shown a positive crossover over the daily trading chart which shows strength in the current bullish trend. This can be a good opportunity for long traders to enter the market.
Technical Levels
Resistance level- $49.716 and $56.924
Support level- $38.903 and $30.057
