ZEC Technical Analysis: Bullish Reversal Starts Within Expanding Channel 

Key technical points:

Past Performance of ZEC

ZEC coin price shows an expanding channel formation as the bulls revert the trend from the $85 mark. The recent rejection from the resistance trendline accounts for a 25% decline within two weeks before the buyers step in at the confluence of the 50-day EMA and the support trendline. 

Source-Tradingview

ZEC Technical Analysis 

ZEC coin price shows a growth of 120% in the last six weeks within the expanding channel and sustains above the 38.20% Fibonacci level. Moreover, the bullish reversal teases the 50% Fibonacci retracement level breakout at the $195 mark. 

The crucial daily EMAs (50, 100, and 200) regain the bullish alignment, but the spread between the 100 and 200-day EMA is minimum. However, the 50-day EMA supports the falling prices and increases the possibility of an uptrend to $200.

RSI Indicator: The RSI slope bounces from the 50% mark after the rejection-led breakout of the 14-day SMA. The RSI value sustaining in the nearly overbought territory above the halfway mark signals a buy signal. 

In a nutshell, the ZEC technical analysis highlights the expanding channel pattern and signifies a buying spot at the bullish reversal. 

Upcoming Trend 

The ZEC coin price shows lower price rejection in the reversal candles at the support trendline, indicating a potential price jump to the $200 mark. Moreover, the rally to $200 will come with the 50% Fibonacci level and implying a possible uptrend to the 61.80% Fibonacci level at $221.

Support Levels: $168 and $150

Resistance Levels: $200 and $220