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ZEC Technical Analysis: Reversal Rally Ready To Challenge $83 Sellers

source-logo  cryptoknowmics.com 17 August 2022 09:18, UTC

The ZEC price action shows a successful post-retest reversal from the $70 mark teasing a potential price jump to the $83 mark.

Key Technical Points:

  • The ZCash token price action shows a reversal with a morning star pattern.
  • The ZCash market price sustains above the 100-day SMA.
  • With a market cap of $1.16 billion, the intraday trading volume of ZCash has increased by 3.6% to reach $84 million.

Past Performance of ZEC

The ZCash (ZEC) price action reverses from the $83 resistance level with a streak of higher price rejection candles. The bearish reversal rally retests the bullish breakout of the consultation range below the $70 mark. However, the recent morning star pattern reignites the bull cycle teasing a price jump to the overhead resistance at the $83 mark. TradingView Chart Source - Tradingview

ZEC Technical Analysis

The ZEC price shows a 5.58% growth in the last 48 hours, reflecting a rise in the underlying bullishness. Hence the likelihood of a bull run reaching the $83 mark increases. With a bullish reversal from the 100-day SMA, the bullish influence grows over the 50-day SMA resulting in a positive turnaround. The daily RSI slope regains bullish momentum to test the 14-day average line in the nearly overbought zone. Moreover, the MACD indicator shows the fast and slow lines struggling to maintain a positive trend due to the lack of a bullish gap. In a nutshell, the ZEC Technical Analysis projects a high likelihood of a positive trend continuation eating the overhead assistance of $83.

Upcoming Trend

The growing bullish influence over the technical chart increases the likelihood of an uptrend continuation to the $83 mark. Furthermore, the bullish breakout of the head resistance can result in a price jump to the psychological mark of $100. On the contrary, the bearish reversal will retest the bottom support of $70. Resistance Levels:  $83 and $100 Support Levels: $70 and $60

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