ZCash (ZEC) Price Rally Continues Despite Bitcoin Dip
The recent price trend of ZCash (ZEC) has been on an upward trajectory, showing a strong recovery rally even as the price of Bitcoin dipped to $92,735. In the last seven days, ZEC has surged by 28%, marking a significant comeback in the bull market.
With the ongoing rally aiming for the $100 psychological mark, many investors are wondering whether now is a good time to consider buying ZEC. Let’s take a closer look at the current price performance and what the technical indicators suggest.
ZCash (ZEC) Price Performance
Looking at the daily chart, the ZEC price trend is displaying a rising channel pattern. The bullish recovery has resulted in two consecutive bullish candles, leading to a price jump of nearly 40%. The market cap has also seen a remarkable recovery, increasing by 122% and crossing the $50 mark. Currently, the ZEC price stands at $54.32, with an intraday gain of 5.99%.
Despite the bullish momentum, the market is currently facing resistance at the overhead trend line, causing a higher price rejection and resulting in a long wick formation in the intraday candle. However, the price is currently above the $53.68 level, and a close above this could pave the way for a breakout rally.
Technical Indicators:
– EMA: The 50-day, 100-day, and 200-day EMA lines are all showing a positive alignment, indicating a bullish trend continuation.
– MACD: The MACD and signal lines have recovered and regained a bullish gap with a surge of green histograms, suggesting a potential breakout rally in the ZEC price trend.
Will ZCash Price Hit $100?
Based on Fibonacci levels, an upside continuation could challenge the overhead trend line and the 1.618 Fibonacci level at $66.50. If the broader market recovers, ZEC price could potentially reach the $100 mark by the end of December. The key support level to watch is at $45.37, with significant upside potential of nearly 100%.
In conclusion, ZCash’s recent price recovery is driven by a bullish channel pattern, rising market cap, and positive technical indicators. Key resistance levels to watch include the overhead trendline and the 1.618 Fibonacci level. However, failure to close above the $53.68 level or a drop below the crucial support at $45.37 could weaken the bullish momentum and lead to a downtrend.
For more insights and long-term price predictions on ZCash (ZEC), stay tuned for our detailed analysis.