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ZEC Technical Analysis: Will Buyers Withhold $150 Barrier?

source-logo  cryptoknowmics.com 23 April 2022 11:34, UTC

ZEC coin price shows a higher price rejection from the $170 mark and projects the possibility of a head and shoulder pattern. Key technical points:

  • ZEC prices prepare a triangle breakout.
  • The MACD and signal lines are merged below the zero line.
  • The 24-hour trading volume of ZCash is $182 Million, marking a 45% rise. 

Past Performance of ZEC

ZEC coin price shows a failed bullish reversal from the $135 mark to surpass the $170 level resulting in a higher price rejection. Hence, with the increased selling, the downfall aims at the $135 support level if the 50-day EMA collapses.  TradingView Chart Source-Tradingview

ZEC Technical Analysis 

As depicted in the daily chart, the ZEC token price shows a high possibility of a head and shoulder pattern. A retracement to the support will complete the bearish pattern with a neckline at $135. Moreover, a successful bearish breakout will result in a fall to the $120 mark. The flattish crucial EMAs(50, 100, and 200) accentuate a sideways rally in ZEC price. However, the coin price trading above these EMAs gives the buyers an advantage. MACD Indicator: The MACD and signal lines a bullish crossover offers a buy signal for interested traders. However, these lines fail to provide a significant spread and undermine the bullish momentum. RSI Indicator: The RSI slope rose from the lower bearish region to the neutral mark. However, the indicator struggles to surpass this neckline, suggesting negative sentiment in the market. In a nutshell, the Zcash technical analysis shows a potential fall under the $150 mark.

Upcoming Trend 

ZEC coin price projects a bearish reversal within the bearish pattern as the daily candles show higher price rejection with long-wick formation. Hence, a selling opportunity arises at the current market price with a potential fall to the $135 mark.  Resistance Levels: $170 and $200 Support Levels: $135 and $120  

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