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Vikram
Aug 9, 2022

ZEC Technical Analysis: Booming ZCash Market Value Crosses $80

ZEC Technical Analysis
ZEC market prices continue to rise after the recent consolidation range breakout resulting in a jump to challenge the $83 resistance level.

Key Technical Points:

  • ZCash (ZEC) price jumped 35% last week from the 50-day SMA teasing an uptrend to the $100 mark.
  • The bull cycle gains momentum and breaks above the 100-day SMA.
  • With a market cap of $1.212 billion, the intraday trading volume of ZCash has increased by 82% to reach $168 million.
  • 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.

    TradingView Chart

    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

    ZEC Technical Analysis: Booming ZCash Market Value Crosses $80
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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