Zcash, one of the top 35 cryptos of the market, is seen trading with an uptrend at $79 after sliding from the 3-month high hit at $90 in the previous week. ZEC coin regains the lost momentum and continues to draw an uptrend that it breached in the last week when it spiked to a 3-month high; however, it failed to rebound to a YTD high.
In the previous quarter, when ZEC/USD was seen hitting a fresh YTD high but gained traction yet again in the ongoing quarter, the currency spurred but faced a stringent resistance at $90.
Zcash strengthened along with other altcoins of the market gained as much as 42% from $62 to $90 to hit a lower high with regard to the previous YTD high. The current trading price of Zcash is close to breaching the immediate resistance, but the rising wedge pattern is likely to breakout any time soon.
Zcash Price Analysis
Zcash, at the time of penning down this analysis, was seen trading at $79.9 with a strong inclination towards the upper band with a quick uptrend drawn against the greenback. The Bollinger Bands are seen gradually expanding, which shows widening volatility in the near-term. On the daily chart, ZEC price retains support from 50-day and 200-day MA support below $65.
However, taking an emphasized view of the 2-hourly Zcash chart against the greenback, we see that the price trend is inclined towards the upper band, retaining 50-day and 200-day MA support at $74 and $70 on the above chart. With a gain in price from the weekly support, the MACD shows a slight yet a bullish divergence on the 2-hourly chart due to the strengthening of Zcash by over 25%. The RSI is inclined towards the overbought region and, therefore, lies at 61.22. According to Zcash Forecast and the current positive momentum, the coin retest its previous high above $88 soon.