ZEC Price Analysis – May 27
Today, Zcash (ZEC) gains 2.16% as the price action moves within the moving averages.
Resistance levels: $53, $55, $57
Support levels: $38, $36, $34
ZEC/USD is currently trading in minor positive territory, holding gains of just some 2.16%, in the first of the session. Meanwhile, the price action through the daily chart view has formed a bullish pennant pattern, subject to a breakout above the moving averages. Although the market is still bullish, the pair is also trading in upwards. But it may take some time for the market to experience a bull run.
In addition, ZEC/USD may need to gather enough momentum. Once the market could maintain the bullish movement, the resistance levels of $53, $55 and $57 may be visited. The RSI (14) signal line moves around 52-level, any cross below the lower boundary of the channel could lead to the support levels of $38, $36, $34s respectively.
Against Bitcoin, ZEC performance has been very low due to a recurring bearish sentiment which is causing the market to move in ranges. However, the price actions remain choppy, trading downtrend since yesterday. Currently, the market may be indecisive but the traders must be on the watch for the possible next direction.
Moreover, for a positive upsurge, 0.0056 BTC and above are the major resistance levels for the coin for now while a negative spike could retest the important support at the 0.0045 BTC and 0.0043 BTC before a possible slip to 0.0041 BTC. The RSI (14) is moving below the 55-level, waiting for more selling pressure.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.