The price of Zcash shows a sharp upward trend on the daily technical chart.
The price of ZEC has risen by about 11% in the last 24 hours, indicating buyer dominance.
Zcash (ZEC) shows an interesting technical pattern on the daily chart, poised for a strong comeback. According to CMC data, the altcoin is trading at around $42.14, with a strong upward trend over the past 24 hours, resulting in an 11% increase.
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The daily chart shows that ZEC has been trading in a downward trend for the past few months. At the same time, the price action has repeatedly hit a long-term resistance trend line, which has limited price gains since its peak in May at $55. This technical pattern is typically a sign of accumulation. Subsequently, ZEC finally broke through the long-term resistance line, and current market dynamics suggest the possibility of ZEC entering a new upward wave.
In moving average forecasts, the price is trading at critical levels, with the 200-day exponential moving average at $40.58 representing immediate support, followed by the 50-day exponential moving average at $39.61. The close distance between these two major moving averages forms a strong convergence area that may provide strong support. The recent price increase has pushed ZEC above both exponential moving averages, indicating a shift in short-term trends, which is now bullish.
What is next for the price of Zcash?
Source: Tradingview
There are many technical indicators supporting this bullish view. The Relative Strength Index (RSI) has entered a positive zone, indicating an increase in buying pressure and a shift in momentum towards an oversold condition.
The ZEC MACD indicator has crossed above the zero line, and the signal line has also crossed above the zero line, confirming a change in momentum and indicating the possibility of continued upward movement. The Supertrend indicator has also turned green, another sign of an emerging upward trend.
The most important support area lies at $40.57, where the 200-day exponential moving average is located, a critical level that should not be breached. If ZEC can maintain its current levels, the $50 mark will be the next area of interest, representing a potential increase of about 23%.
Risk management is crucial, as a drop below the support level of $40.57 would invalidate this bullish pattern and allow the pair to continue declining. However, many technical indicators are currently trending in the right direction, and the recent price action has been bullish, placing ZEC in a good position to initiate an upward wave.