- April 20, 2020
- Posted by: icoblock
- Category: Uncategorized
- Zcash is technically looking bullish on a short-term across its trading pairs.
- It remains one of the biggest gainers following a 35% increase in the last seven days of trading.
- The increase in buying volume suggests more bullish momentum is underway.
- ZEC marked new monthly high after breaking out from a four-week ascending channel yesterday
ZEC/USD: Zcash Pulling Back After Touching $49
Key Resistance Levels: $50, $55
Key Support Levels: $42.08, $36.16
The latest performance of Zcash has been quite impressive following an excellent 150% growth in five weeks. ZEC’s recovery from its low on March 12 is well-captured in an ascending channel, but it became invalid following a recent break out to $49. The price has dropped to $46 at the time of writing.
The price action is still looking bullish on the 4-hours chart. Zcash is expected to bounce back around the channel’s resistance. However, a key rebound level can be located around $42.08 (the immediate green line) in case of a decent pullback.
A notable drop below the channel’s support would result in a complete reversal.
ZEC/USD Price Analysis
Zcash appeared to have reached an overbought (buying exhaustion point) condition earlier today at $49. There’s a need for a discount, which is likely around $42.08 – inside the channel.
The cheapest price for the buyers can be found around the channel’s support of $36.16, where the second green line lies. If buyers fail to act on these prices, ZEC may continue to lose momentum under the channel.
From above, the resistance to watch is $50 and $55 in case ZEC resumes buying pressure.
ZEC/BTC: Zcash Holding Key Support At 0.0058 BTC Level
Key Resistance Levels: 0.006799 BTC, 0.007 BTC
Key Support Levels: 0.006152 BTC, 0.0058 BTC
Against Bitcoin, Zcash is looking bullish by the day as it has seen a massive gain over the past 24-hours. The bullish action was significantly noticeable after yesterday’s sharp surge above four weeks rising channel at 0.0058 BTC resistance-turned-support level.
After the breakout, the price increased to 0.006799 BTC today, but ZEC is now trading as low as 0.0066 BTC level due to a slight price rejection. Zcash could regain momentum as soon as buyers regroup back.
Acting upon Bitcoin’s indecisiveness since last weekend, ZEC saw a substantial 7% increase over the past 24-hours. The price may continue to increase if Bitcoin remains in a consolation cycle for a while. The reverse might be the case for Zcash if Bitcoin’s price goes up.
ZEC/BTC Price Analysis
As spotted on the 4-hours chart, ZEC started to show strong commitment after recovering above the 0.005 BTC level earlier this month.
Today, ZEC hit the 0.006799 BTC mark, which is now holding as monthly resistance. If buying pressure resume, a push above this resistance may trigger a fresh increase to 0.007 BTC level.
As of now, Zcash is looking for support at 0.006152 BTC level – around the first green line. If the price fails to stay above this mentioned support, the next support to keep in mind is the recent break level of 0.005808 BTC – at the second green line.
The ZEC bulls may struggle to regroup again if the price drops back inside the channel boundary.
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