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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...

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