ZEC Technical Analysis: Booming ZCash Market Value Crosses $80
Table of contents
Key Technical Points:
Past Performance of ZEC
As predicted in our previous analysis, the ZEC price rises higher after taking support at the 50-day SMA to break above the consolidation range. The $70 breakout rally jumps the $80 mark, accounting for a 17% jump over the last three days. Moreover, the bull run exceeds the 50 and 100-day SMAs and reaches the overhead resistance level of $83.
Source - Tradingview
ZEC Technical Analysis
Currently, the ZEC price action displays a streak of bullish engulfing candles over the last three days, increasing the possibility of the $83 breakout. However, traders should wait for the daily candle to close above $83 to avoid a reversal trap.
As the ZCash market price beats the 100-day SMA, the increased bullish influence results in a lateral shift in the 50-day SMA. Moreover, the recent surge in trading volume trend supports the streak of bullish candles, indicating a rise in buying pressure.
The daily-RSI slope enters the overbought boundary with a spike in the underlying bullishness, reflecting an improved underlying bullish sentiment. Furthermore, the MACD indicator shows a gain of bullish spread in the fast and slow lines as they rise above the zero line. Moreover, the spike in MACD histograms reflects an increase in buying pressure.
In a nutshell, the ZEC technical analysis displays a bullish bias due to increased buying pressure.
Upcoming Trend
If the ZEC price trend breaks above the $83 mark, the unleashed bullish momentum can drive the prices higher to the psychological mark of $100.
However, a bearish reversal will retrace to the support level of $70 if the crucial 100-day SMA fails to cushion the reversal rally.
Resistance Levels: $83 and $100
Support Levels: 100-day SMA at $77 and $70