- Eventually the Zcash coin overcame the selling pressure inside the downwards parallel channel.
- The daily price of ZEC coin is observing above the semi-line of the Bollinger bands indicator.
- The pair price of ZEC/USDT is trading up by 4.3% at 0.003942 Satoshis.
Finally the Zcash coin has interrupted the descending parallel channel (white) after multiple attempts. Although, the Zcash coin already registered a decent bull run in March after reversing from the 2022 Low.
Zcash is looking in bullish territory after seeing 3 solid bearish candles on the weekly time frame. However, ZEC has recovered over 18% this week. Now, the bulls are preparing for the $200 mark which is close to the 90 day high.
Buyers appear to be aggressive above the volatility redzone (mentioned in the chart) at the time of writing. Thus, ZEC was trading at $163 at the time, with a gain of 1.14% over the past 24 hours according to the CMC. Furthermore, the Zcash coin belonging to the bitcoin pair is trading at 0.003942 satoshis, which is up 4.3%.
Recently, the bulls found an opportunity above the Bollinger Bands indicator low near the $140 mark. Now, ZEC is looking above the semi-line of the indicator (20 day moving average) and is moving towards the upper boundary. However, the coin saw a 12% increase in trading volume compared to the previous night.
Bulls are approaching halfway of BB indicator
The RSI is bullish on the daily price chart as it stays above the 50 mark (halfway). Conversely, the MACD indicator is showing weakness in the Zcash coin, as presented below the neutral zone.
Conclusion
Zcash is slightly bullish after the past two days and is looking at the $200 mark by the end of the month. However, the trading volume is not enough to keep the costs high, so the bulls need to gather more force to keep ZEC in the bullish zone.
Resistance level- $200 and $300
Support level- $150 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.