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- 1 ZEC coin witnessed a turnaround from the demand zone of $24.
- 2 Buyers are looking to surpass the 200 day EMA barrier.
ZCASH (ZEC) price showcased a double bottom pattern and rebounded from the lows of $24, witnessing buying momentum. Moreover, the price action indicates a trend reversal, a favorable one. Technicals suggest that the ZEC coin was hovering in a range and did not deliver any massive moves amid the recent pump in the crypto market.
The ZCASH price is trading close to the upper neckline of $30 and shows a pullback from the bottom. Traders are looking for a short squeeze and are willing to touch the swings of $40. Meanwhile, there are multiple hurdles ahead, and bulls need strong muscles to absorb the knock. Perhaps due to the previous fall, the ZCASH price is staying close to neutrality.
The live price of ZCASH is $30. An intraday gain of 3.27% highlights the neutrality. Moreover, the trading volume increased by 15.89% to $69.53 Million. However, the pair of ZEC/BTC is 0.000793 BTC, and the market cap is $489.47 Million. Analysts have maintained a buy rating and suggest a growth outlook for the upcoming sessions.
Will ZEC Coin Surpass $32 Mark?
The ZEC coin showcased range-bound consolidation moves on the daily chart. However, the coin is looking to exit the region and is closer to the 200-day EMA hurdle. Moreover, the buyers have started accumulating, and are gaining traction. Furthermore, the volume spurt highlights the investor interest and willingness to reach the round mark of $50.
The RSI curve stayed in the overbought zone and formed a positive divergence, indicating a favorable bullish outlook.
The MACD indicator shows the convergence of the MA line with the signal line, suggesting that sellers are covering their positions and that fresh bullishness will be witnessed in the coming sessions.
Weekly Charts Shows Base Formation
On the weekly chart, the ZCASH price is forming a base near $24, showing a downtrend for the past sessions. Moreover, the ZCASH price has shown a double bottom, and the ZEC coin lost the gains and is looking to escape the congestion zone of $30. The coin surpassed the 38.2% Fibonacci retracement zone, showing low investor interest.
Summary
ZCASH price formed a double bottom pattern and is close to the 200-day EMA, where bulls tried their best to break out. Technicals show that the ZEC coin will skyrocket and reach the swing high of $50 in the upcoming sessions.
Technical Levels
Support Levels: $25 and $20
Resistance Levels: $35 and $40
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.