Zcash price analysis: ZEC chart suggests a fresh rally above $150

Zcash noticed its value recuperate just about 18% after crashing to lows of $116

The cost of Zcash (ZEC) has larger via over 7% prior to now 24 hours to look the privateness focussed coin business round $144. Even supposing it stays within the purple over the week, the present technical outlook suggests additional features.

If this occurs, ZEC/USD is more likely to flip inexperienced and make allowance bulls to retest resistance round $150.

The uptick in sentiment for Zcash follows a equivalent point of view for a number of different altcoins. Stellar (XLM) is up Four%; Litecoin (LTC) has won Four.eight%; Polkadot (DOT) is up three% and Theta (THETA) stays certain a few of the best 10 cryptocurrencies with an upside of eight%.

ZEC value

ZEC/USD hourly value chart. Supply: TradingView

Zcash has been buying and selling upper during the last 3 days. The coin’s value reached a low of $116 on 25 March, having observed a pointy decline from highs of $141 over 24 hours.

The remaining 3 days have then again observed bulls push upper. If we chart the upper lows and decrease highs the use of development strains, we’ve got ZEC buying and selling inside a emerging channel at the Four-hour chart.

The previous day, Zcash won five% and broke above the channel’s higher restrict to the touch highs of $145. The presence of bears however supposed a swift retreat to assist close to $140. Bulls have sought to rally upper nowadays, however supplier congestion within the $144—$145 area continues to cap quick motion.

The technical image moderately favours the patrons. It’s an outlook knowledgeable via the hourly RSI that hovers above 60 and an hourly MACD that is still throughout the bullish zone, in spite of a touch of unfavourable divergence.

If Zcash’s value rallies above the $145 resistance line, a brand new top close to the 127.2% Fibonacci retracement degree may just open up a run to $150. From right here, bulls can goal the 161.eight% Fib degree of the decline from $141 to $116.

At the problem, ZEC/USD has an preliminary anchor at its earlier resistance-turned-support degree at $141. Beneath this, additional promoting may just permit dealers to focus on costs close to the 78.6% Fibonacci retracement degree ($136) after which the 100 SMA ($131).

The 23.6% Fib degree ($122) and $115 are the important thing value ranges to observe, in case there’s additional harm beneath $130.

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