ZEC Technical Analysis: Price May Soon Breach the First Fibonacci Pivot Resistance Level of $87.40

July 21, 2021      Ankita Awasthi

Zcash is an open-source protocol based on blockchain technology with advanced security features. It is fast, safe, and highly cost-effective for digital currency transactions. It is forked from the Bitcoin codebase. ZEC is the native token of this ecosystem. Let us look at the technical analysis of ZEC.

Past Performance

On Jul 14, 2021, ZEC opened at $104.11. On Jul 20, 2021, ZEC closed at $85.77. Thus, in the past week, the ZEC price has decreased by roughly 18%. In the last 24 hours, ZEC has traded between $83.27-$87.88.

https://s3.tradingview.com/snapshots/z/ZGXkZUiy.png

https://s3.tradingview.com/snapshots/z/ZGXkZUiy.png

Day-Ahead and Tomorrow

Currently, ZEC is trading at $86.60. The price has increased from the day’s opening price of $85.77. Thus, the market seems bullish.

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The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 61%. It faced rejection at 57% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the ZEC price.

However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further.

In a nutshell, the RSI and MACD indicators have given positive signals, while the OBV indicator has given negative signals. Thus, the overall market momentum is bullish. We have to wait and watch if the bullish trend continues or a trend reversal occurs.

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ZEC Technical Analysis

Currently, the price is above the Fibonacci pivot point of $85.64. The price may soon breach the first Fibonacci pivot resistance level of $87.40. Thereafter, we have to wait and watch if the price continues to rise or starts declining again.

Currently, the price is above the 23.6% FIB retracement level of $86.79. It may soon break out of the 23.6% FIB extension level of $88.97. By day end, if the price retests and falls below these levels, then the price downtrend is strong enough to sustain till tomorrow.

#Zcash #ZEC
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.