Zcash Price Prediction: ZEC Price Heading Towards Key Round Level, Wait for Breakout

• Zcash coin is moving towards next bullish hurdle at $50.
• On the 4-hour chart, buyers are keeping ZEC valuation above the 200 simple moving average.
• Trading volume increased last night during the bullish momentum.

Zcash price is looking to move a step further to be valued for short term investing. The crypto market has fallen more than expected when the total crypto market cap plunged below $800 billion. As of now, bulls are dominating the price correction in Zcash coin amid positive market conditions.

Due to the sharp decline in November, buyers saw the latest yearly low of $33 on 9 November. This area moves to the downside when bulls aggressively pour money into the market. This is how traders go through recovery in crypto.

Zcash on 4 Hour Chart

Source: ZEC/USDT by Tradingview

Price action of Zcash is drawing higher-lows and higher-highs formation In hourly chart. In fact bulls connected all swing lows and drew an ascending trendline (white), providing a price pump during retracement. Thus, Zcash price is marching towards the next bullish hurdle of $50. Eventually, on a 4 hour chart, buyers hold ZEC valuation above 200 simple moving average.

Although buyers struggle in a sideways trend this week when weekly candlestick reflects long-legged doji candle after two green candles. Together with USDT, Zcash price stays at $45.4 mark at the time of writing along with 1.09% weekly drop. However, amid recovery, market capitalization recovered from $600 million and overnight it reported at $722.3 Million.

Zcash Price on Daily basis

Source: ZEC/USDT by Tradingview

On the daily price chart, Zcash price stays above the 20 and 50 day moving averages. Although, due to low buying interest, bears attempt to pullback crypto below 50 DMA (blue). Trading volume decreases against the bullish trend, not good for a sustainable trend.

RSI indicator is heading towards skyrocket territory after taking support at halfway (50 mark).

Conclusion

The Zcash price is going to hit next bullish hurdle of $50 in upcoming week. This will be the crucial breakout for next upside rally. Following the trend buyers are ready to reverse retracement at ascending trendline.

Technical Levels

Support level – $40 and $30

Resistance level – $50 and $70

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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