Zcash (ZEC/USD) Still Aiming for Upward Momentum
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In the latest analysis of Zcash (ZEC), the market has established a foothold above the critical $30 level despite bearish resistance at this price point following a mid-July rally. The market’s bullish momentum has significantly reduced since surpassing the $30 level. Although the market is currently experiencing a tug-of-war between demand and supply, the bulls have demonstrated their dominance by effectively defending this newly claimed support level. While the resistance level remains intact, bullish pressure is still strong.
Zcash Market Data
- ZEC/USD Price Now: $33.54
- ZEC/USD Market Cap: $76 million
- ZEC/USD Circulating Supply: 16 million
- ZEC/USD Total Supply: 16 million
- ZEC/USD CoinMarketCap Ranking: #115
Key Levels
- Resistance: $35.00, $40.00, and $45.00
- Support: $30.00, $25.00, and $20.00.
Zcash Market Through the Lens of Indicators
Technical indicators reflect the current market mood, characterized by a consolidation trend with a bullish bias. The bullish Zcash price is firmly positioned at the $33 resistance level, while bulls limit price swings below $30. The Bollinger Bands are contracting, indicating a period of indecision and suggesting the market is primed for a significant price movement. The recent upward trajectory of the lower band and the 20-day moving average suggests underlying bullish momentum. A breakout above the $33 resistance is likely to ignite renewed buying interest. Investors should watch for a potential breakout above this resistance level. Additionally, there has been a strong surge in the trading volume histogram, further indicating the possibility of an imminent breakout.
ZEC/USD Price Prediction: 4-Hour Chart Analysis
Short-term analysis reveals a range-bound market hovering around the $32.5 level. While a minor upward bias is evident, sustained bullish pressure is required to challenge the $35 resistance. Currently, bulls maintain their dominance, with a higher support level established above the 20-day moving average at the $32.5 price level.
Overall, Zcash is positioned for a potential breakout, but traders should exercise caution due to the current consolidation. Taking this crypto signal into consideration, they should watch for a breakout above the key $33 resistance level.
