Zcash Rebounds Strongly, Eyes $30

With a recent increase of over 20%, Zcash aims for $30 and beyond, supported by positive indicators like MACD and RSI.

Zcash coin (ZEC) experienced a pullback from its low point of $20 and has been amidst a recent session-long rebound. The coin has overcome the critical threshold of $25 and is extending its decline toward $30.

The momentum has been acquired by the purchasers, who plan to maintain the gains. The bulls must maintain their position above the 200-day EMA, however, to prolong the rebound.

Analyzing Zcash (ZEC) Price Trends: Bullish Momentum and Key Resistance Levels

Following the surpassing of significant moving averages, the Zcash (ZEC) coin is generating purchasing momentum.

This week, the coin has increased by more than 20%, reflecting the bullish sentiment.

Furthermore, the coin has emerged from the correction phase and is poised to exhibit superior performance in the forthcoming sessions.

Nonetheless, the round $30 threshold has not yet been surpassed, and investors are observing it in anticipation of entering new positions.

The coin has exceeded the 23.6% zone on the Fib levels and is now positioned near the 38.2% zone. When writing, the price of one Zcash coin (ZEC) was $27.68, representing an intraday increase of 0.87%; the charts indicated neutrality.

Additionally, the trading volume has increased by 18.78% to $89.09 million. The current value of ZEC/BTC is 0.000544 BTC, with a market capitalization of $453.50 million.

The weekly and monthly return percentages for ZEC coins are 22.52% and 26.48%, respectively. Analysts anticipate that the Zcash cryptocurrency (ZEC) price will sustain its recent high of $40 and further extend the reversal.  

Near the $20 support level, the Zcash (ZEC) coin has formed a double bottom and has decisively surpassed the 200-day moving average (EMA) barrier. In addition, the coin has successfully broken through the declining trendline and appears poised to perform exceptionally well in the upcoming sessions.

Bulls must surmount $30 to extend their ascent to $35, then $40. A positive divergence and the Relative Strength Index (RSI) curve remaining in the overbought region indicated that the rebound could continue in the subsequent trading sessions.

In a similar vein, the MACD indicator exhibits indications of buyer accumulation and a bullish crossover, both of which suggest a positive outlook. The price of Zcash entered a phase of correction, continued to develop lower-low swings, and ultimately reached $20.

At the bottom, however, a bullish engulfing candlestick formed, and purchasers could extend the pullback and surpass the 20-day EMA.

Subsequently, the reversal persisted, and the final sessions witnessed buying momentum. To exit the channel, purchasers await a breakout price above $35.