ZEC Technical Analysis: Reversal Rally Ready To Challenge $83 Sellers
Table of contents
Key Technical Points:
Past Performance of ZEC
The ZCash (ZEC) price action reverses from the $83 resistance level with a streak of higher price rejection candles. The bearish reversal rally retests the bullish breakout of the consultation range below the $70 mark. However, the recent morning star pattern reignites the bull cycle teasing a price jump to the overhead resistance at the $83 mark.
Source - Tradingview
ZEC Technical Analysis
The ZEC price shows a 5.58% growth in the last 48 hours, reflecting a rise in the underlying bullishness. Hence the likelihood of a bull run reaching the $83 mark increases. With a bullish reversal from the 100-day SMA, the bullish influence grows over the 50-day SMA resulting in a positive turnaround.
The daily RSI slope regains bullish momentum to test the 14-day average line in the nearly overbought zone. Moreover, the MACD indicator shows the fast and slow lines struggling to maintain a positive trend due to the lack of a bullish gap.
In a nutshell, the ZEC Technical Analysis projects a high likelihood of a positive trend continuation eating the overhead assistance of $83.
Upcoming Trend
The growing bullish influence over the technical chart increases the likelihood of an uptrend continuation to the $83 mark. Furthermore, the bullish breakout of the head resistance can result in a price jump to the psychological mark of $100.
On the contrary, the bearish reversal will retest the bottom support of $70.
Resistance Levels: $83 and $100
Support Levels: $70 and $60