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Cryptoknowmics 2022-08-05 10:22:36

ZEC Technical Analysis: Will ZCASH Prices Break Above $70?

The ZEC price action shows the bullish reversal attempting to break above the $70 mark to reach the psychological mark of $100. Key Technical Points: The ZEC prices jump from the 50-day SMA to challenge the $70 resistance level. The consolidation range breakout will potentially breach the $83 mark to get to $100. With a market cap of $1.017 billion, the intraday trading volume of ZEC has dropped by 35% to reach $91 million. Past Performance of ZEC The ZEC price action shows a consolidation range with the $50 and $70 marks for the last two months after the downfall in June. However, with the help of the 50-day SMA, the early bullish reversal projects a high likelihood of a bullish breakout. Source – Tradingview ZEC Technical Analysis Today, the ZEC price is 5.45% up, allowing the buyers to rechallenge the range resistance zone at $70. However, a candle closing above this resistance and the volume rise is needed to confirm any further advancement in price. A bullish crossover of 20-and-50-day SMA at the $61 mark provides a proper footing for the recent price. Thus, these SMAs flipped into viable support should further encourage bullish growth. The daily-RSI slope trends higher in the nearly overbought zone by taking support from the halfway line, accentuating growth in underlying bullishness. Moreover, the bullish divergence in the previous peaks at $70 bolsters a bullish breakout possibility. The MACD indicator shows the fast a...

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