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Vikram
Apr 23, 2022
by Vikram

ZEC Technical Analysis: Will Buyers Withhold $150 Barrier?

ZEC
ZEC coin price shows a higher price rejection from the $170 mark and projects the possibility of a head and shoulder pattern.

Key technical points:

  • ZEC prices prepare a triangle breakout.

  • The MACD and signal lines are merged below the zero line.

  • The 24-hour trading volume of ZCash is $182 Million, marking a 45% rise. 

    • Past Performance of ZEC

    ZEC coin price shows a failed bullish reversal from the $135 mark to surpass the $170 level resulting in a higher price rejection. Hence, with the increased selling, the downfall aims at the $135 support level if the 50-day EMA collapses. 

    TradingView Chart

    ZEC Technical Analysis 

    As depicted in the daily chart, the ZEC token price shows a high possibility of a head and shoulder pattern. A retracement to the support will complete the bearish pattern with a neckline at $135. Moreover, a successful bearish breakout will result in a fall to the $120 mark.

    The flattish crucial EMAs(50, 100, and 200) accentuate a sideways rally in ZEC price. However, the coin price trading above these EMAs gives the buyers an advantage.

    MACD Indicator: The MACD and signal lines a bullish crossover offers a buy signal for interested traders. However, these lines fail to provide a significant spread and undermine the bullish momentum.

    RSI Indicator: The RSI slope rose from the lower bearish region to the neutral mark. However, the indicator struggles to surpass this neckline, suggesting negative sentiment in the market.

    In a nutshell, the Zcash technical analysis shows a potential fall under the $150 mark.

    Upcoming Trend 

    ZEC coin price projects a bearish reversal within the bearish pattern as the daily candles show higher price rejection with long-wick formation. Hence, a selling opportunity arises at the current market price with a potential fall to the $135 mark. 

    Resistance Levels: $170 and $200

    Support Levels: $135 and $120

     

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    ZEC Technical Analysis: Will Buyers Withhold $150 Barrier?
    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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