Zcash (ZEC) price is showing an active uptrend, breaking the psychological barrier at $50 and aiming for higher resistance levels.
Analysis of the Daily ZEC Chart
The daily chart indicates that ZEC has clearly transitioned to an uptrend after consolidating in the $30-$40 range for several weeks. It has broken above the 20, 50, and 100-day simple moving averages (SMA), currently at $45.77, $38.96, and $36.95 respectively. At present, ZEC is trading around $51.80, nearing immediate resistance at $52.80. A break above this level would open the path to subsequent resistance levels at $56.40, $60.10, and $65.00.
What Do the Hourly Charts Reveal?
The hourly chart supports this bullish outlook, showing a strong recovery after a dip below $48. The price notably bounced back after hitting the 200-SMA at $49.69 and climbed back above the 20-SMA and 50-SMA, which are currently at $51.08 and $48.97, respectively. In the short term, ZEC is consolidating around the resistance level of $52.80. A close above this level is crucial for targeting moves towards $55.50–$57.00.
Support or Resistance?
Current technical indicators suggest the possibility of a continuation of the upward trend. The golden crossover between the 20-SMA and 50-SMA last week is a traditional bullish sign for a medium-term uptrend. The 100-SMA currently sits at $36.95, and the 200-SMA at $43.52, indicating how far Zcash has moved away from its long-term averages. If ZEC can stay above $52.80, the bullish scenario remains intact.
Zcash price is showing promising signs of strength after months of accumulation. Establishing support at $52.80 will provide a clear opportunity for further growth towards $60-$65, assuming bearish conditions do not affect the market.
