ZEC Price Analysis – December 1
The daily chart reveals that the Zcash price may regain its momentum after touching the $69.84 level.
Resistance levels: $90, $92, $94
Support levels: $62, $60, $58
ZEC/USD is currently trading in a minor negative move with a daily loss of 0.22% 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. The market movement is still bullish; the pair is also trading upwards. For a bull-run to occurs, it may take some time.
What is the Next Direction for ZCASH
ZEC/USD may need to gather enough momentum for it to maintain the bullish movement. However, if the bulls can push the market price to the upper boundary of the channel, the potential resistance levels may be located at $90, $92, and $94. Meanwhile, the technical indicator RSI (14) is making an attempt to cross above the 60-level, therefore, any cross below the lower boundary of the channel could lead to the support levels of $62, $60, $58 respectively.
ZEC/BTC Market: Consolidating at the Downside
Against Bitcoin, the ZEC price is seen trading within the 9-day and 21-day moving averages which is causing the market to move in ranges. Aside from that, the price actions remain choppy, trading downtrend since August. At the moment, the market price may be indecisive but the traders must be on the watch for the possible next direction.
However, for a positive upsurge above the upper boundary of the channel, 0.0050 BTC and above are the major resistance levels for the coin for now while a negative spike could visit the important supports at the 0.0035 BTC and 0.0033 BTC before a possible slip to 0.0031 BTC. The RSI (14) is moving above the 50-level, waiting for more buying pressure.