Zcash had seen a significant uptrend and downtrend of prices within around five months. The price moved from lows of $79 to a high of $370 in Feb to May period, and it fell from highs of $370 to lows of $100 in May to June period.
Zcash’s price is rising from its support level and is about to reach its resistance level of $184. In the daily chart, after suppressing the downtrend line coming over from September 06, 2021, the candles are making higher highs, although the candles are not able to close at the highs. The price was getting tested at the downtrend line, and on October 15, 2021, the candle broke the trend line heading towards the upliftment of price.
There was a bullish divergence as noticed by the indicator, which was confirmed by the consolidated momentum of the candlesticks. The formation of a triangle pattern and the price crossing the triangle with new highs can be a buy signal for bullish investors.
Bollinger bands have been narrow show slight volatility in price movement. However, the bands have started to expand as the prices have begun to move upwards. The bands are soon expected to be broad if it continues to make higher highs.
MACD line being above the signal line shows buy signal, thus giving bullish investors a buying opportunity.
The RSI being at 68, is about to reach the overbought zone. After August 2021, the coin hasn’t reached the overbought zone and has been in favor of bearish traders, but looking at the current situation, RSI is on its way to the overbought zone.
In a time frame of around 15 days, the ZEC coin has given a return of 50% to its investors. The coin is currently moving around $146 and is soon expected to reach $184.
A brief look at the 4-hour time frame chaclarifiesarifies that the coin is trending bullish with immense support of bull volume. The bands being broad are indicating a significant move in price with a continuous flow of up-trending candles. The price is getting tested at a strong resistance level of $146 with a bearish candle.
The price movement at this point in the daily chart depends upon the sentiments of the bears and the bulls. On October 20, 2021, the bull candle though went high at $148 but got closed at $146, precisely at the resistance level, thus indicating that bulls couldn’t give much pressure and couldn’t take the price higher.
