After trading on a negative trend line, Zcash is closing towards a possible breakout scenario. The price action has been indicating this signal for a long time but the recent compression zone is pushing a new narrative into the Zcash valuations in a shorter time frame.
The price analysis of Zcash using technical indicators is offering some clear insights into the near term price action. Trading near the support zones is pushing towards the potential of trendline breakout which could push Zcash price close to the $146 resistance line.
Zcash Eyes Bullish Breakout With RSI Near 60
Zcash is showing a potential for a decent bull run after being consolidated in a negative trend for the past entire month. Trading close to the two day high, ZEC coin is momentum supported by a quirky increase in volume and improving buyer sentiment. On hourly charts, the RSI of Zcash is close to 60, which indicates a newly found bullish sentiment on a shorter time frame.
If Zcash price manages to break the negative trend line, it will have the technical persuasion to retest its immediate resistance of $146.
