- The ZEC coin chart shows a bullish crossover of the 20-and-200-day EMA
- The ZEC/BTC pair was trading at 0.002748 BTC with a gain of 7.65%
- The 24-hr trading volume in the ZEC coin is $416.2 Million, indicating a 4.1% hike
As mentioned in my previous article on Zcash, the coin price showed an impressive V-shaped recovery in its technical chart. The coin has shown seven consecutive daily green candles providing a 40% gain to ZEC investors.
However, the ZEC price has now reached a crucial resistance of $75, which has previously provided strong rejection to this coin on June 3rd and September 6th. Thus, crypto traders should wait for a proper signal of reversal or breakout before entering into a new position.
Regarding the EMA’s: The ZEC coin price is trading high above the crucial EMA’s 20, 50, 100, and 200 indicating a strong uptrend in this coin. In addition, the chart also shows a bullish crossover of the 20 and 200 EMA, supporting the ongoing rally.
The RSI (BULLISH) value is at 78, indicating a bullish sentiment in the coin. Moreover, the RSI line shows steady growth in its chart, projecting a healthy rally of the coin price.
ZEC Coin Price Stands At The Neckline Of Rounding Bottom Pattern
The ZEC coin price has reached the $175 neckline of its rounding bottom pattern. And therefore, the crypto traders should be patient till the price provides a proper breakout from this resistance, providing them an excellent entry opportunity for a long trade.
The moving average convergence/divergence (MACD) indicator shows both the MACD and the signal line are moving above the neutral zone (0.00), indicating a strong bullish momentum in the coin.
Conclusion: From a technical perspective, the overall trend for the ZEC coin is bullish and suggests a reasonable possibility for continuing its uptrend. However, as mentioned, the coin price first needs to reclaim the overhead resistance of $175 to confirm a long trade.
Support: $156
Resistance: $174