ZEC Technical Analysis: Will ZCASH Prices Break Above $70?
Table of contents
Key Technical Points:
Past Performance of ZEC
The ZEC price action shows a consolidation range with the $50 and $70 marks for the last two months after the downfall in June. However, with the help of the 50-day SMA, the early bullish reversal projects a high likelihood of a bullish breakout.
Source - Tradingview
ZEC Technical Analysis
Today, the ZEC price is 5.45% up, allowing the buyers to rechallenge the range resistance zone at $70. However, a candle closing above this resistance and the volume rise is needed to confirm any further advancement in price.
A bullish crossover of 20-and-50-day SMA at the $61 mark provides a proper footing for the recent price. Thus, these SMAs flipped into viable support should further encourage bullish growth.
The daily-RSI slope trends higher in the nearly overbought zone by taking support from the halfway line, accentuating growth in underlying bullishness. Moreover, the bullish divergence in the previous peaks at $70 bolsters a bullish breakout possibility.
The MACD indicator shows the fast and slow lines have crossed above the neutral line, providing additional confirmation for buyers. A rise in these slopes in the bullish territory will further reinforce bullish momentum.
In a nutshell, the ZEC technical analysis showcases a high possibility for price to eventually end the current consolidation on a bullish note.
Upcoming Trend
If the buying pressure persists, the ZEC price soon breaches the $70 resistance zone, offering an early sign of recovery. The resulting rally should drive the altcoin 17.17% higher to tag the next significant supply zone at $82.
Conversely, a daily candlestick closing below the overhead resistance would gradually weaken the breakout possible and lean more towards a price reversal. Thus, the sustained selling would revert the coin price from this resistance and continue to ongoing consolidation for a few more sessions.
Resistance Levels: $70 and $82
Support Levels: $61.5 and $52