an hour ago | Michael Fasogbon
| ⠀Zcash price: | $32.40 |
|---|---|
| ⠀Key ZEC resistance levels: | $40, $48, $53 |
| ⠀Key ZEC support levels: | $30, $27, $25 |
*Price at the time of writing
ZEC Long Term Price Prediction: Bullish
Zcash is a cryptocurrency fork of Bitcoin, designed with private features for its users. Its blockchain technology uses zero-knowledge cryptography that allows privacy protection of transactions. Unlike Bitcoin that exposes payments history on a public ledger, Zcash allows privacy control base on users-friendly features. The cryptocurrency was first released on 28 October 2016, followed by the latest release (2.1.0) on November 4 this year.
However, Zcash has recently recovered from $25, followed by a substantial increase after witnessing a lot of downward pressure for months. The latest growth saw ZEC to $33, above the white diagonal resistance.
A continuous increase may bring ZEC price to $40, $48 and $53 resistance in the next few days. Currently, the daily RSI is significantly revealed upward, signaling a bullish impulsive for the ZEC market. Meanwhile, the MACD is fast-recovering from the negative zone but the bullish build-up is yet to confirm.
If the MACD zero level suppresses buying pressure and caused a pullback, ZEC may drop back to $30; although the market could further dip to $27-$25 support zones if the long-term selling resurfaces. Currently, Zcash is gradually forming a bullish pattern on the daily chart.
ZEC Medium Term Price Prediction: Bullish
Having established support at $25 on November 25, followed by the December 4 retracement to $27, Zcash has now seen significant gains for the past three weeks. More so, the price action now forms and follows a rising channel pattern. Hours ago, ZEC touched the upper boundary of the channel and now attempting to correct downward.
The potential support for ZEC lies at $31, meeting the channel’s lower boundary before bouncing back. Support below the channel is $29 and $27. The downward correction is almost playing out on the RSI, though the bullish trend is still supported by the 50 levels since December 4.
Additionally, the last few days of volatility have brought the MACD to its positive zone –reflecting a strong buying in the ZEC market. However, the closest resistance, for now, is $35, followed by $37 and $39 in the future.
ZEC Short Term Price Prediction: Bullish
The ZEC trend remains bullish on the short-term perspective but we may see a little retracement shortly due to the multiple rejections around $33.5 – which is located at the upper boundary of the channel. The retracement level is provided at $32 and $31 support. A continuous selling could lead us straight to $28, below the channel.
However, if the Zcash buyers can successfully overcome the $33.5 to $34 resistance zones, we should expect heavy buy to $35, above the channel. Taking a look at the technical indicators, ZEC is bullish but a short pullback is likely before continuing upward swing.
Conclusion
As long as Zcash remains above $30, a short-term buy is expected to $50. A complete reversal would confirm if ZEC continues to buy from the first targets. However, the 33rd largest cryptocurrency may retrace back to $30 before rally continues. As of now, ZEC has seen a relative growth of 5.83% over the past hours.
