ZEC Technical Analysis: Bearish Reversal Rally Eyes $100

Key technical points:

Past Performance of ZEC

ZEC prices showcase a head and shoulder pattern breakout in the daily chart, resulting in the $135 level breach. The breakout rally reached close to the psychological mark of $100 but faced lower price rejection at $110, resulting in a reversal to the 78.60% Fibonacci level at $135 to rest as a retest. 

Source-Tradingview

ZEC Technical Analysis 

ZEC prices show a post-retest reversal from the $135 mark resulting in a 9% fall today, creating a bearish engulfing candlestick. Therefore, the sellers can drive the trend to the next support level at $100. 

The fakeout from the Bollinger’s band’s indicator lower band bolsters additional buying. However, the sellers continue to pressure the altcoin, displayed by the higher price rejection at the midline. 

The MACD and signal project a sufficient gap between the bearishly aligned MACD and the signal line. These descending slopes suggest the rising bearish momentum.

The RSI slope reverted from the 14-SMA line keeps the bearish momentum intact.

In a nutshell, ZEC technical analysis shows a high possibility of a downtrend breaching the $100 mark.

Upcoming Trend 

ZEC market price projects a high-momentum bearish trend from the $135 level as the sellers regain control. Moreover, the higher price rejection in the bearish candle reflects a higher possibility of the $100 breakout. In this case, sellers can expect the fallout rally to reach the $80 support level. 

Support Levels: $100 and $80

resistance Levels: $135 and $150