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

Cryptoknowmics 2022-08-09 06:32:02

ZEC Technical Analysis: Booming ZCash Market Value Crosses $80

ZEC market prices continue to rise after the recent consolidation range breakout resulting in a jump to challenge the $83 resistance level. Key Technical Points: ZCash (ZEC) price jumped 35% last week from the 50-day SMA teasing an uptrend to the $100 mark. The bull cycle gains momentum and breaks above the 100-day SMA. With a market cap of $1.212 billion, the intraday trading volume of ZCash has increased by 82% to reach $168 million. Past Performance of ZEC As predicted in our previous analysis, the ZEC price rises higher after taking support at the 50-day SMA to break above the consolidation range. The $70 breakout rally jumps the $80 mark, accounting for a 17% jump over the last three days. Moreover, the bull run exceeds the 50 and 100-day SMAs and reaches the overhead resistance level of $83. Source – Tradingview ZEC Technical Analysis Currently, the ZEC price action displays a streak of bullish engulfing candles over the last three days, increasing the possibility of the $83 breakout. However, traders should wait for the daily candle to close above $83 to avoid a reversal trap. As the ZCash market price beats the 100-day SMA, the increased bullish influence results in a lateral shift in the 50-day SMA. Moreover, the recent surge in trading volume trend supports the streak of bullish candles, indicating a rise in buying pressure. The daily-RSI slope enters the overbought boundary with a spike in the underlying bullishness...

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.