- The RSI line shows strong growth in its chart
- The ZEC/BTC pair was trading at 0.002609 BTC with a gain of 10.06%
- The 24-hr trading volume in the ZEC coin is $327.2 Million, indicating a 10.7% hike
As mentioned in my previous article on ZEC, the coin price provided a strong follow-up for its inverted head and shoulder pattern breakout. Later, it was also able to reclaim a significant resistance of $140. The complete picture shows a V-shaped recovery in its chart, as the price is charging straight to the previous high of $170.
Concerning the EMA’s: The ZEC coin price is trading above the crucial EMA’s 20, 50, and 100, and 200 indicating an uptrend in this coin. In addition, the chart also shows the 20, and 200 EMA could provide a bullish crossover, attracting even more buyers to the coin.
The RSI (BULLISH) value is at 76, indicating a bullish emotion in the coin. Moreover, the chart also showed remarkable growth in RSI value, projecting the increasing strength of market bulls.
ZEC Coin Chart Continues With Its Rounding Bottom Pattern
The ZEC coin continues with the formation of its rounding bottom pattern in the 4-hr time frame. This pattern has a crucial resistance(neckline) at the $175 mark, and thus the crypto traders should wait for a proper breakout from this level, providing them an excellent entry opportunity for a long trade. The current price of the ZEC coin is 164, with an intraday gain of 6.65%.
The moving average convergence/divergence(MACD) indicator shows both the MACD and the signal line are moving higher than the neutral zone(0.00), indicating a strong bullish momentum in the coin.
Conclusion: From a technical perspective, the ZEC coin indicates a reasonable possibility for continuing its rally. As mentioned above, the price is forming a rounding bottom pattern. Once the price provides a proper breakout from its neckline, the ZEC traders can consider positioning their fund in this coin.
Support: $156
Resistance: $174