ZEC Price Analysis – June 9
Should in case the Bulls get enough momentum to break the trend line and the $110 supply level, ZCash could approach $120. If the bears break down the lower side of the rising wedge, then, the bearish trend may continue.
Resistance levels: $110, $120, $130
Support levels: $50, $40, $30
ZECUSD is bearish in the long-term outlook. The Bulls dominated the market last month. Since this month’s rally, Sellers has been controlling the market and maintaining its bearish position at the time of writing this article. Therefore, looking at the daily chart, the price tends to cross down the lower side of the rising wedge, which shows that the future sentiment of the market will fall.
In addition, Moving Average Convergence Divergence period 12 with its histogram is less than zero and the signal lines bending down to indicate the sell signal. If the Bulls get enough momentum to break the trend line and offer a $110 level, the ZEC could be closer to $120 supply level. If the bears defend the $110 level, the downward trend could continue.
After a significant increase in the ZEC/BTC two days ago, the 4-hour chart shows that the ZEC managed to exit the bearish trend line today, but then it was rejected at the resistance level of 0.01 BTC. The market price tries to cross the 21-day purple-line MA and the Ichimoku cloud to confirm its upward movement.
Looking at the 4-hour chart, the RSI 14 signal line has trended down from the initial level, to move above 40, the market could resume its uptrend. If it successfully crosses the Ichimoku cloud, It could give the buyers an advantage over sellers, thus allowing the resistance level to test 0.01BTC.
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