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- 1 The ZEC price showed a retracement from the channel’s upper trendline.
- 2 It held the gains near the 200-day EMA mark.
The ZEC coin price witnessed a rejection from the swing high of $35 and has retraced to the 200-day EMA mark. However, the ZCASH crypto is trading inside the rising channel and guiding the trend reversal from the lows of $21. Moreover, the price action showcased the buyers’ accumulation for the past few trading sessions. ZCash (ZEC) is a fully anonymous and decentralized blockchain and cryptocurrency. Transactions on its proof of work blockchain are untraceable because of zero-knowledge cryptography.
The ZEC token price displayed a higher high formation and persisted in accumulating the gains for the past few sessions and is redirecting the uptrend on the charts. Moreover, the technicals are favoring the bulls and suggesting that the ZEC price may retest further highs and will sail to $50 in the following sessions. The technicals displayed an evening star candlestick, and follow-up selling was noted, which signals that the ZEC price may slip to the immediate support mark of $27.
The live price of Zcash (ZEC) is $30.92, with an intraday drop of $7.73%, showing neutrality on the charts. Moreover, the trading volume increased by 13.28% to $78.49 Million. However, the pair of ZEC/BTC is at 0.000718 BTC, and the market cap is $496.05 Million. Furthermore, Analysts have maintained a neutral rating and suggest a volatile outlook per the ongoing trend.
The ZEC Crypto Price Displays Rebound On Daily Charts
On the daily charts, the ZEC coin’s price exhibited a rebound and took support on the 50-day EMA in the last few trading sessions. Moreover, the price action witnessed the retracement, and sellers are attempting to breach the 200-day EMA and are adding fresh short positions. Additionally, the coin price has sustained above the 50% Fibonacci retracement zone and is close to the mid-bollinger band.
The RSI curve stays above neutrality and forms a negative divergence, replicating a volatile outlook for the upcoming sessions. The MACD indicator showed a bullish crossover and formed green bars on the histogram, indicating that bulls are challenged to cross the immediate burden of $35 to extend the ongoing rally.
Weekly Charts Displays Trendline Breakout
On the weekly charts, the ZEC token price showed a trendline breakout, exhibited a trendline reversal, and initiated a rebound inside the rising parallel channel in the past few trading sessions. The price action witnessed buyers attempting to climb above the 50-day EMA mark and heading to the resistance mark of $35.
Summary
The Zcash coin price witnessed a comeback from the round mark of $20 and is heading to the resistance mark of $35, indicating buyers’ accumulation on the charts. Moreover, the technicals are replicating the trend reversal, and bulls are attempting to catch the blue sky zone above $40 and are setting their eyes on the round mark of $50 to be caught soon.
Technical Levels
Support Levels: $28 and $25
Resistance Levels: $35 and $38
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
