ZEC Price Prediction: Bulls inclined to proceed above the $50 mark

• ZEC coin darts bullish moves, giving a breakout in the last trading sessions.
• Bulls acquired momentum in successive sessions achieving the $50 mark.

Zcash coin comprises a symmetrical triangle pattern on the daily chart. It gave bullish cues sustaining on the $50 mark. Bulls furnished aggressive buying from the lower levels after breaking the consolidation. ZEC has uplifted by 18% in the last 3 trading sessions.

For the past weeks, ZEC has been trading between the bar of $40 to $45 and not showing any immense move. Buyers gradually began to pull the action rate, spoiling the upper trendline. ZEC is trading above 20, 50 and 100-day exponential moving averages and is willing to test 200- days EMA, which is placed near $54.

Daily Chart Signaling Bullish Cues

On the daily chart, Zcash bore favourable stances crossing the strong hurdle of $50.

The intraday volume showed enormous action with a gain of 101%, indicating that assertive buying is witnessed on the coin.

At the time of writing, ZEC is trading at $51.04 with an intraday gain of 10.30%. Moreover, the pair of ZEC/BTC is at $0.002082 satoshis gaining by 10.78 %.

Zcash coin is initiating strong bullish candles and signs that the buyers in the last sessions make grave longs. Bears are trapped now who have been holding the positions so far.

From the last 10 sessions, ZEC laboured to switch the trend as price consolidated in a thin range.

Short term Charts Shows Price Move Out of Channel

On the 4-hour chart, ZEC offers out-of-the-box moves that break the channel’s higher tops. The volume addition in the last sessions shows that the coin is keen to test the highs near $55.

Moreover, the price action reveals that the long buildup in the coin is glimpsed in the recent sessions and shorts are trapped. Although, bears are straining to propel back the bulls to not feed the levels of $50. While the Fib levels suggest that the price halts the 78.6% level, which is the supply spot, a little retracement may be seen. Later, the immediate support is at $48. On the other side, if the price advances in sustaining over the levels, the next resistance is $53 and $55.

Traditional Indicators Over ZEC 

RSI( Bullish): The RSI curve is positioned near 62, casting positive outlooks and forecasting a positive divergence structure. This setup outlays that the coin is ready to float with strong surges.

MACD( Bullish ): The MACD indicator gives a bullish crossover in the last trading sessions and devises the bullish candles on the histogram. The MACD line is also far away, with a signal line indicating bullishness on the chart.

Technical Levels

Support levels:$42 and $36

Resistance levels:$55 and $60

Conclusion:

Zcash coin is trading at $50, continuing with consecutive gains from the last three sessions. Moreover, the major leading indicators imply positive setbacks for coming sessions.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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