CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$33,285.00
  • ethereum
    ETH$1,411.71
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Price Analysis » ZCASH Price Analysis: ZEC Surges 35% In a Week, Reaches New Monthly High

    ZCASH Price Analysis: ZEC Surges 35% In a Week, Reaches New Monthly High

    Author: Michael Fasogbon

    Last Updated Jun 24, 2020 @ 14:29
    • Zcash is technically looking bullish on a short-term across its trading pairs.
    • It remains one of the biggest gainers following a 35% increase in the last seven days of trading.
    • The increase in buying volume suggests more bullish momentum is underway.
    • ZEC marked new monthly high after breaking out from a four-week ascending channel yesterday

    ZEC/USD: Zcash Pulling Back After Touching $49

    Key Resistance Levels: $50, $55

    Key Support Levels: $42.08, $36.16

    zecusd_chart
    ZEC/USD. Source: TradingView

    The latest performance of Zcash has been quite impressive following an excellent 150% growth in five weeks. ZEC’s recovery from its low on March 12 is well-captured in an ascending channel, but it became invalid following a recent break out to $49. The price has dropped to $46 at the time of writing.

    The price action is still looking bullish on the 4-hours chart. Zcash is expected to bounce back around the channel’s resistance. However, a key rebound level can be located around $42.08 (the immediate green line) in case of a decent pullback.

    A notable drop below the channel’s support would result in a complete reversal.

    ZEC/USD Price Analysis

    Zcash appeared to have reached an overbought (buying exhaustion point) condition earlier today at $49. There’s a need for a discount, which is likely around $42.08 – inside the channel.

    The cheapest price for the buyers can be found around the channel’s support of $36.16, where the second green line lies. If buyers fail to act on these prices, ZEC may continue to lose momentum under the channel.

    From above, the resistance to watch is $50 and $55 in case ZEC resumes buying pressure.

    ZEC/BTC: Zcash Holding Key Support At 0.0058 BTC Level

    Key Resistance Levels: 0.006799 BTC, 0.007 BTC

    Key Support Levels: 0.006152 BTC, 0.0058 BTC

    zecbtc_chart
    ZEC/BTC. Source: TradingView

    Against Bitcoin, Zcash is looking bullish by the day as it has seen a massive gain over the past 24-hours. The bullish action was significantly noticeable after yesterday’s sharp surge above four weeks rising channel at 0.0058 BTC resistance-turned-support level.

    After the breakout, the price increased to 0.006799 BTC today, but ZEC is now trading as low as 0.0066 BTC level due to a slight price rejection. Zcash could regain momentum as soon as buyers regroup back.

    Acting upon Bitcoin’s indecisiveness since last weekend, ZEC saw a substantial 7% increase over the past 24-hours. The price may continue to increase if Bitcoin remains in a consolation cycle for a while. The reverse might be the case for Zcash if Bitcoin’s price goes up.

    ZEC/BTC Price Analysis

    As spotted on the 4-hours chart, ZEC started to show strong commitment after recovering above the 0.005 BTC level earlier this month.

    Today, ZEC hit the 0.006799 BTC mark, which is now holding as monthly resistance. If buying pressure resume, a push above this resistance may trigger a fresh increase to 0.007 BTC level.

    As of now, Zcash is looking for support at 0.006152 BTC level – around the first green line. If the price fails to stay above this mentioned support, the next support to keep in mind is the recent break level of 0.005808 BTC – at the second green line.

    The ZEC bulls may struggle to regroup again if the price drops back inside the channel boundary.

    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    Read more on: Zcash (ZEC) Price

    About The Author

    Michael Fasogbon View more posts by this author

    Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry

  • bitcoin
    BTC$33,285.00
  • ethereum
    ETH$1,411.71
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    ADVERTISEMENT
    bitmart
    Bitcoin Editorials
    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!