2 days ago | Michael Fasogbon
Key highlights:
- Zcash is technically bullish across major time frames.
- The hourly bull flag pattern suggests a continuation in trend.
- Sellers would suffer more if the price increases.
| ⠀Zcash price: | $53 |
|---|---|
| ⠀Key ZEC resistance levels: | $55, $60, $67 |
| ⠀Key ZEC support levels: | $48., $44, $40 |
*Price at the time of writing
ZEC price long-term prediction: Bullish
On January 5, Zcash broke out from its long downward trend to hit a peak of $58 this week. The epic surge was characterized by strong bullish candles, but the market appears indecisive at the moment. Having recorded significant gains in the past few days, ZEC buyers currently look a bit weak at the moment!
The MACD on the daily chart still shows bullish signs. However, ZEC has entered the overbought region on the daily RSI, suggesting a potential drop in price.
If buyers fail to regroup, we may see a sharp drop to $44 and perhaps $40 before resuming the bullish trend. Meanwhile, ZEC just found near support at $48.3 after the January 15 drop from $58. Should buyers reiterate the setup above the $58 resistance, Zcash may rally further to touch $60 and $67. At the moment, the ZEC market is deciding on the next actual play.
ZEC price medium-term prediction: Bullish
Zcash, the 26th biggest coin by market cap, is still maintaining its upward range. The ZEC market now appears to have reached a distribution stage following the steady growth of the past 15 days.
The bulls are currently reinforcing new setups but may face the $58 resistance which suppressed the bullish movement two days ago. The price of ZEC is likely to reach $60 and $64 if the buyers manage to surpass $58. Currently, the ZEC market is supported by the $48 price level, followed by a white diagonal support that has been forming since January 10.
If the $48 support will fail to hold, the market could be looking for a rebound at the $44 support instead. The bearish pressure may extend to $35 if the white diagonal support is breached. As suggested on the technical indicators, Zcash is slowly turning bearish on the 4-hour chart.
ZEC price short-term prediction: Bullish
After touching the $58 mark, Zcash fell and followed a sideways movement which has caused ZEC to form a bullish flag pattern on the hourly chart. Currently, the ZEC market is indecisive. We need to see a clear channel break to determine whether the buyers will continue to dominate or not. Looking at the hourly RSI and MACD, a bullish continuation is likely to play out.
Once ZEC breaks up this channel, the next buying target is $58. Surpassing the current high could allow the bulls to reach $60 and above. On the other hand, the price may fall heavily at $43 if the channel breaks down. As of now, the market is still looking bullish from a short-term perspective.
Conclusion
The bull flag pattern on the hourly chart shows that buyers are still present in the ZEC market. However, the setup could be a trap for buyers. The important thing here is to confirm a breakout before making an entry. All in all, Zcash remains in a bullish trend.
Previous ZEC price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 2 of our most recent articles about the price of Zcash:
