Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

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...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.