In the holiday spirit, ZEC lifts holders’ mood- prices turn positive

• The price is seen forming an uptrend in the past 7 days, also after the FTX crash.
• The holders flood with positive sentiments, due to bullish signals.

The Zcash prices bring back the holiday spirit to the holders, which went missing due to the recent crashes and meltdowns. The analysts sense upcoming “happy days” for the ZEC holders. The price trends are crisp and bullish, with futuristic propulsion and great returns.

The char-t-ale

The value of ZEC, in terms of USDT and BTC, has rallied in the past 7 days marking a price surge. The prices escalated from $38 to $48 in the past week, increasing by 18.88% and displaying bullish attributes to the holders.

The price forms a rising parallel channel paired with silenced trading volume. The price has successfully reclaimed the 20 and 50 EMA. The OBV also slopes upwards, indicating a positive volume pressure which may lead to a further price surge in the near term. The RSI also escalated to the higher ranges near the 70-mark to indicate active buyer participation in the market. 

The closer timeframe reveals the price in the bullish swing. The MACD indicator converged to mark the bear hunters’ end and the bull rule’s genesis. The RSI goes overbought, returns to the neutral bounds and again plans to cross the border to truly reflect the buyers’ involvement. 

Conclusion

The market for ZEC holders is favorable for short-term investments, as the shorter time frames look bullish and witness active buyers. The bigger picture may seem stale as it may look slightly stagnant due to the ongoing turmoil. Currently, the Zcash protocol is debatable, as some analysts think this token might become extinct by the end of 2022. Still, on the other hand, it shows a bullish swing in the price patterns, which leaves the masses confused and may affect the prices adversely. 

Technical levels

Support levels: $35 and $30

Resistance levels: $55 and $62

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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