The ZEC price trend shows a recovery rally despite the Bitcoin price declining to $92,735. With a 28% jump in the last seven days, ZCash makes a comeback in the bull market.
As the ongoing rally aims for the $100 psychological mark, should you consider buying ZEC? Let’s find out.
In the daily chart, the ZEC price trend showcases a rising channel pattern at play. The bullish recovery has made two consecutive bullish candles, accounting for a price jump of nearly 40%.
However, within the rising channel, the market cap has recovered by 122% and has crossed the $50 psychological mark. Currently, the ZEC price is at $54.32, with an intraday gain of 5.99%.
The bullish recovery currently challenges the overhead asset trend line but faces a higher price rejection. This has led to a long wick formation in the intraday candle.
However, the current price is above the $1.2725 level at $53.68. Closing above this will increase the chances of a breakout rally.
EMA: The 50-day, 100-day, and 200-day EMA lines maintain a positive alignment as the bullish trend continues.
MACD: The MACD and signal lines have recovered and regained a bullish gap with a surge of green histograms. Hence, the technical indicators expect a breakout rally in the ZEC price trend.
Based on the Fibonacci levels, an upside continuation will challenge the overhead price trend line and the 1.618 Fibonacci level at $66.50. If the broader market recovers, the uptrend continuation in ZEC price could reach the $100 psychological mark by the end of December.
Conversely, the crucial support remains at $45.37, the 100% Fibonacci level. Hence, with a massive upside potential of nearly 100%, the ZEC price shows immense upside potential.
Curious about ZCash’s future? Dive into our ZCash (ZEC) Price Prediction for detailed insights and long-term targets!
A bullish channel pattern, rising market cap, and positive technical indicators like EMA alignments and MACD signals support ZEC’s recent price recovery.
The key resistance levels for ZEC include the overhead trendline of the rising channel and the 1.618 Fibonacci level at $66.50.
A failure to close above the $53.68 level or a drop below the crucial support at $45.37 could weaken the bullish trend and lead to a downtrend.
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