- ZEC shows a rebound from the critical support of $30.
- Bulls are likely to execute the reversal attaining gains.
ZCash (ZEC) is a fully anonymous and decentralized blockchain and cryptocurrency. Transactions on its proof of work blockchain are untraceable because of zero-knowledge cryptography.
ZEC coin price action was in the correction phase in the last few months and dropped to the support mark of $30. The bearish cycle of the ZEC coin was near an end, and bulls enlisted a bounce from its support mark of $30
Moreover, the price action showed that bulls attained momentum in the last session and tried to gain traction. However, buyers are willing to smash till the trajectory of $40, an immediate hurdle. Last month, when the ZEC coin was in the consolidation phase, it broke the lower neckline and showed a decent fall. Recently, multiple bullish chart patterns were noted on charts.
ZEC shows a double bottom and falling wedge chart patterns on the daily charts, which were likely to break as the price reacted with a bounce from the demand zone of $30.
When writing, ZEC coin trades at $32.46 with an intraday gain of 2.46%, shows buyers putting efforts in the last trading session. Moreover, the pair of ZEC/BTC is at 0.001218 BTC and the intraday trading volume was increased by 4.50% to $34.50 Million. The intraday high of ZEC is $33.20, and the low is $31.87 shows decent moves in the coin.
Daily Charts of ZEC coin
On the daily charts, ZEC coin shows bullish cues with a positive outlook. Moreover, the price action shows a trendline breakout with fetching a 20-day EMA but unable to move above it. Although the price stays near it shows the bulls intention that the traction is gained by bulls and trying to indulge the gains further.
However, there is a need for further rise in momentum above the neckline of $35 to extend the gains and form a higher low after the reversal. Furthermore, the downtrend is still there because sellers were not exiting their short positions and trying to drop the bulls pace of action further.
Short Term View of ZEC
On the 4-hour charts, ZEC shows positive cues with riding the gains and offers an extensive move. Furthermore, the technical parameters are indicating a rise of a trend from there as the correction was now looking to an end.
The RSI is flying near the overbought zone, and a positive crossover was noted on the charts. Moreover, the curve shows a rise in bulls’ momentum, deriving bullishness.
The MACD curve shows a rise in green bars on the histogram showing a bullish crossover and the positive cues of the ZEC coin.
Conclusion:
ZEC coin is ready to sparkle the gains further as reverted from the support mark of $30 shows trend reversal indications.
Technical levels
Support levels: $30
Resistance levels: $38
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.