ZEC Technical Analysis: Global Target of Buyers Is $170-$180
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The trend line is of course an important indicator, but looking at the weekly timeframe, the liquidity range of $84-$92 is striking. The chart shows that buyers had problems with this range in August 2020 and January 2021. This range stopped the upward trend of the ZEC crypto price for 200 days. Therefore, there is no point in doubting the strength and importance of this range. Moreover, the weekly timeframe shows that ZEC sellers in high volumes have tried three times to take control of this range. Maintaining the range of $84-$92 allows them to hope for growth in the medium term to the range of $170-$180. Though, will buyers have enough strength to reach the desired target at such volumes? Due to a rather passive counterattack during the previous 2 weeks, this question is quite logical. To do this, move to the daily timeframe.
Zcash (ZEC) Technical Analysis on a Daily Timeframe.
As you can see in the chart, the ZEC price growth looks quite stable, systematic, and a little unnatural. The first problem for buyers on the way to the global target of $170-$180 is at the mark of $130. It is in this mark that a large number of sellers will record their positions. In this case, buyers need to keep under their control the mark of $100-$110. This range will give support for the Zcash crypto price to continue the growth wave.
Analyzing the ZECBTC chart, we see that the globally declining trend has not changed. Now the ZECBTC price has approached the middle line of the global falling channel and yellow liquidity range. Trading volumes are low during the current local fall wave. Given that the nature of the fall is not aggressive, we can conclude that now sellers do not have enough strength to dominate the market. Therefore, we expect a continued increase in the Zcash coin price and a positive August for the cryptocurrency market.