Zcash Coin Price Analysis: Sustaining Levels Post Channel Breakout

  • Zcash gave a breakout from the sideways channel on January 12, 2021
  • Zcash’s rally has halted today and sustaining above the previous resistance 

Zcash rallied from $55 to LTP $113 by giving a breakout post-formation of a daily chart triangle. The rally has surged 105% so far, and it seems the bulls haven’t excited the positions yet, since there isn’t any major profit booking seen yet. The 24 hour volume and market cap are $497,536,657 and $1,214,222,836 respectively. 

Zcash Coin Price Indicating That The Bulls Haven’t Exited The Positions Yet!

Zcash gave a triangle breakout and surged by 105% from $55 to $105 and is still hovering above the previous resistance of $98. Considering toys candlestick, it doesn’t seem as if the bulls are done yet. 

Bollinger Band shows contraction on the selling side. However, the buying pressure persists. The median lies at 85.27, which will prove support to the coin if it declines below $100. Meanwhile, the upper band is providing resistance at $124 levels. 

The VWAP is at $113.45. 

Stochastic lines are revolving in the overbought territory. The lines are still headed towards up and signify that there is strength in the trend. 

RSI line is returning from the overbought territory of 75 levels, one of the potential reversal signs. RSI is currently at 71, and the support lies at 61. 

MACD(8,21,5) is forming divergence pointing towards the diminishing strength of the current trend. A reversal of the signal line towards the slow line can make the bears take over the trend and push it back to retest $100. 

ADX line and ADX+ are presently around 35, inferring towards a strong bullish momentum. In addition to that, ADX- is at eight levels, pointing towards weak selling pressure on the coin. 

Conclusion

Zcash coin price is hovering above the resistance of $100 levels, which was once a 52 week high of the coin. Now that the coin has made a new high of $120 levels. The coin’s immediate support lies at $100 while resistance lies at $120 levels. 

Support: $113(VWAP), $100(support) and $85(BB Base)

Resistance: $120(Fib 2 levels) and $129(Fib 2.272 levels)

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Source: https://www.thecoinrepublic.com/2021/01/14/zcash-coin-price-analysis-sustaining-levels-post-channel-breakout/