- ZCASH token price has bounced off the demand zone strongly following a strong bullish momentum in the overall cryptocurrency market.
- ZCASH token price has formed a rounding bottom pattern in a daily time frame.
- The pair of ZCASH/BTC is transacting at the price level of 0.001978 with an increase of 1.98% in the past 24 hours.
The ZEC token price has shown a strong bullish trend in the past couple of days. Following which the token price is seen rising to the supply zone from the bottom.Despite the bullishness the token price is yet to cross the important supply zone.
The ZEC token price has bounced off the demand zone which has pushed the price upwards to the supply zone resulting in the breakout of the Moving Averages. Prior to this movement the token price was facing strong bearish pressure from these MAs. As of now, the token price has gone past every strong small term supply zone. The token price formed a strong bullish candlestick pattern before moving upwards indicating a genuine bullish momentum.
At present, the ZEC token price is trading at the upper band of the bollinger band indicator after bouncing off the demand zone. The token price has also gone past the 20 EMA, indicating a short term bullishness to foray in the future.Volumes have increased causing the volatility to increase therefore investors should remain cautious and wait for a proper breakout of the long term supply zone on a weekly time frame activating the bullish pattern formation which will result in the price structure change.
ZEC token price is forming a rounding bottom pattern on a daily time frame
Average Directional Movement Index: The ADX curve has gone past the mark of 20. Prior to the current bullish movement the token price was trading below the demand zone but recent bullishness has resulted in the token price bouncing off the demand zone indicating a strong bullish momentum to foray. Apart from that, the ADX curve has reached the mark of 25.26. This indicates bullishness in the upcoming trading days.
Moving Average Convergence Divergence: The MACD indicator has turned bullish as the token price bounced off the demand zone. The blue line crossed the orange line on the upside indicating the bullish momentum of the upcoming week. The token price, once breaks the supply zone, the MACD line can be seen widening supporting the trend. Till then investors can wait and let the technical parameters act.
Supertrend: The ZEC token price was previously facing a strong rejection from the supertrend sell line which was acting as a strong supply zone. However, the token price has gone past it , which has resulted in the formation of a supertrend buy line. Going forward the token price can be seen resting at the supertend buy line in higher high and higher low price structure formation.
Conclusion: The ZEc token price ,a s per the price action, is bullish as the token price bounced off the demand zone. The technical parameters are suggesting the same. However, investors should be careful and not get carried away by the recent bullishness and wait for a proper breakout with the confirmation of the technical parameters.
Support: $40 and $39
Resistance: $51 and $50
