Zcash price prediction stays bullish for 2024 and suggests a new swing high might be visible in the coming months. It took support near $26.00 and showed a decent bounce indicating that buyers are getting active.
ZEC price sustained above the 50-day EMA and also succeeded in breaking out of the 200-day EMA. It showcases that the short-term trend as well as the positional trend has turned in an upward direction.
Zcash crypto price is in the recovery mode and buyers seem to be returning back on track.
The recent bounce back in ZEC price was supported by a high buying volume. It denotes crypto whales are getting active and decided to inject money into a privacy coin project. Therefore, the Zcash price may continue the momentum and fly to the July 2023 high.
The chart pattern of ZEC is bullish and indicates that the price is preparing for a massive breakout. So, investors should search for buying opportunities and stay in the direction of the trend.
Currently, Zcash price is trading at $31.62 with an intraday rise of 2.53%. In the last 24 hours, the volume to market cap recorded at 16.15% denotes that the liquidity is high.
Is Zcash Price Getting Ready For Massive Breakout?
Zcash price managed to climb above the $30.00 level and buyers have turned the supply zone into a demand zone.
The next barrier for the bulls is at the $34.76 level. If the price continues the recovery succeeds in taking out the $34.76 level, then it may trigger a massive rally which will be the beginning of a bull run.
However, if the price faced rejection, then it might retrace back to the EMA. The analysis suggests that the ZEC price is inside the buyers’ radar so the probability of the $34.76 breakout remains high.
ZEC Price Rose for Three Consecutive Weeks
ZEC price rose for the three consecutive weeks and formed a bullish hammer candle. The bulls need to give the follow-up momentum to attract new market participants.
The weekly chart structure will also turn bullish when buyers can break the $34.76 hurdle. Till then, the short-term traders may look to scalp and generate minor gains.
Conclusion
Zcash price prediction is bullish for December as well as for the next year. It is forming a bullish pattern and the price seems to be getting ready for a massive breakout.
The analysis suggests that ZEC price takes control over the $35 supply zone. Then, the possibility of reaching $50 by mid-2024 will increase.
Technical Levels
- Resistance levels: $34.76 and $38.01
- Support levels: $26.77 and $24.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2023/12/04/zcash-price-prediction-will-zec-price-fly-to-50-by-mid-2024/