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Vikram
May 26, 2022
by Vikram

ZEC Technical Analysis: Inverted Rounding Pattern Soon To Crack $80

ZEC
ZEC price action shows a bullish failure to surpass $113, resulting in the inverted rounding bottom. Will the downfall breach $80?

Key technical points:

  • The ZEC market value deflated by 14.79% in the last 24 hours.

  • Sellers prepare to break below the neckline $80.

  • The 24-hour trading volume of Zcash is $159 Million.

    • Past Performance of ZEC

    ZEC price action shows an inverted rounding bottom pattern, continuing the downtrend under the influence of a highly bearish resistance trendline. The downtrend accounts for degrading the market value by 60% and warns against the fallout of $80. Furthermore, the higher price rejection from $113 and the inverted rounding bottom pattern increase the chances of fallout.

    TradingView Chart

    ZEC Technical Analysis 

    ZEC price has declined by 30% in the last three days and forms multiple bearish candles threatening the downtrend continuation. Therefore, traders can find selling opportunities at the present market price with a new bearish target at $65.

    The bearish crossover of the MACD and Vortex indicators reflects a boom in selling pressure ready to fall under the crucial support at $80. Moreover, the Stochastic RSI indicator shows a bearish crossover leading to the falling trend in the K and D lines representing the start of the bear cycle.

    Hence, the technical indicators represent a downtrend gaining momentum, ready to break under the $80 support level. However, traders can find price action confirmation as a better entry opportunity.

    In short, the ZEC technical analysis showcases a huge fallout potential as sellers overtake the trend control.

    Upcoming Trend

    If sellers continue to pressurize the ZEC prices, a downtrend below $80 is inevitable and will drive the market value down to $65. However, a bullish reversal will increase prices to retest the $113 mark.

    Resistance Levels: $100 and $113

    Support Levels: $80 and $65

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    Zcash ZEC
    ZEC Technical Analysis: Inverted Rounding Pattern Soon To Crack $80
    Vikram
    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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