ZEC Price Analysis – July 25
Zcash bullish bias is still dominant, but the coin needs to reclaim previous resistance.
Resistance levels: $70, $75, $80
Support levels: $60, $55, $50
After a slight pullback to $62 early today, ZEC/USD quickly bounced back to touch $66 to keep buyers on track. According to the daily chart, Zcash is currently trading around $65.16 against the USD; the bulls are eyeing $70 on the upside. From above, the price is likely to reach $66 and $68 resistance levels if the coin manages to clear the current monthly resistance at $66.
Moreover, if the bulls can push the price above the upper boundary of the channel, the nearest resistance level lies at $68. A further movement may take the price to $70, $75, and $80 resistance levels. In other words, if the market drops below the 9-day moving average, the next key supports could be at $60, $55, and $50. The RSI (14) is moving towards the overbought region, indicating a bullish movement.
When compares with Bitcoin, ZEC is currently changing hands at 6769 SAT and if the bulls can hold the price tight as it is, the next target price lies at 7150 SAT and 7250 SAT respectively. Meanwhile, RSI (14) is moving above the 66-level, which simply means the market is still following an upward trend.
However, if the bulls fail to push the price above the upper boundary of the channel, the market may resume its bearish trend and ZEC/USD price may likely see a sharp drop below the moving averages at 6350 SAT support level. Further movement towards the south may drag the coin to the nearest support levels at 6250 SAT and below.