Zcash Reflects Upside Momentum; ZEC May Hit Its Resistance Soon

Zcash price has faced a drastic fall from May to July 2021; however, it’s now regaining its position by moving from its support zone and heading towards its resistance level. Within five months, the ZEC coin price surged from the lows of $49 to the high of $370.

Yesterday, the coin registered a price change of 14%. Zcash is heading towards its resistance zone, and the formation of a bullish engulfing pattern in the daily chart can be an indication for the bulls.

The price follows the up-trend line, and there is a formation of ascending triangle pattern. The candles have suppressed the triangle and are moving upwards. From May end to the beginning of November, the price moved in consolidated momentum and headed sideways. The price got tested twice in the rectangle but failed to uplift. However, on November 09, a bullish candle broke the rectangle and gave a bullish indication of the coin.

The MACD line above the signal line gives a buy signal in the daily chart with an immense buying volume. The RSI is at 60 can be expected to head towards the overbought zone. In the ZEC/USD chart, the price is likely to rise long-term with a minimum target of $299.69.

The price of Zcash is currently trading at $194.99. In 6 months, the current candle has been formed with the highest high of $219.09, giving a strong hope to bulls of an up-trending market. Moreover, the token has returned 119% in the past eight weeks with the formation of numerous bullish candles in the chart.