ZEC Price Analysis – June 28
Looking at the daily chart, Zcash (ZEC) gains 5.18% as the price action moves below the moving averages.
Resistance levels: $155, $175, $195
Support levels: $70, $50, $30
ZEC/USD is trading in minor positive territory, holding gains of just some 5.18%, in the first of the session. However, the Zcash price through the daily chart view is forming a bullish pennant pattern which is subject to a breakout. Meanwhile, as reveals by the daily chart, the market is still bullish and the pair is also trading upwards. But it may some time for the market to experience a bull run.
ZEC Price Analysis: The Zcash Price May Breakout
The Zcash price may need to gather enough momentum, if it does; it would be too soon to be optimistic regarding the upward movement. However, amidst the market correction, the medium and long terms are bullish. On top of that, the coin is expected to reach $120 level where it could cross above the upper boundary of the channel.
Once the market maintains the bullish movement, the resistance levels of $155, $175, and $195 could be visited. Meanwhile, the technical indicator Relative Strength Index (14) signal line moves to cross above the 40-level, any cross below the lower boundary of the channel could lead to the support levels of $70, $50, $30.
ZEC/BTC Market: Consolidating Below the Moving Averages
When compares with Bitcoin, the Zcash price has been moving very low due to a recurring bearish sentiment which is causing the market to move in ranges. However, the price actions remain choppy, trading sideways since May 23. At the time of writing, the market is indecisive but the traders must be watching the possible next direction.
For a positive upsurge, 3900 SAT and 4100 SAT are the major resistance levels for the coin for now while a negative spike could retest the important support at 2500 SAT and 2300 SAT before a possible slip to 2100 SAT. The Relative Strength Index (14) is seen crossing above 60-level, waiting for buying pressure to push the market to the upside.