ZEC price analysis: ZCash breaches resistance at $147.6, turns bullish

TL;DR Breakdown

ZEC price analysis is bullish for today, up by 3.8%.
The resistance at $147.6 was broken as bulls took charge.
The nearest support at $140.564 remains.

ZEC price analysis suggests a bullish scenario for today as the entire crypto industry has turned bullish. As Bitcoin broke above the $65K price level, officially forming a new all-time high, all cryptocurrencies turned bullish. Ethereum also rose above the $4k price level while ZEC/USDT pair reached a high of $151.1 today.

On the other hand, the lowest price for today remains at $144. The token’s trading volume dropped by 3.4% and is currently at $259 million, while the market cap rose by 5.48%, at $1.9 billion.

Price movement in recent days has been quite bullish, rising by more than 40% in the month of October. The month started with a price surge of 7.28%, followed by a 9.20% surge on 17th October. The price action remained in an uptrend since the beginning of the month.

ZEC price analysis: Technical indicators extremely bullish

The technical indicators on the ZEC price analysis on the daily chart show that the price action has broken out of the upper end of the Bollinger Bands with 4 consecutive green candles on the daily chart.

The coin is trading above the 50-day and 100-day Moving Averages, confirming the bullish price analysis on the ZEC/USDT chart below.

The RSI indicator shows that the buying pressure is quite high and represents a value above 60. The gradient is sharply positive as the token gets ready to enter the overbought region.

The MACD indicator is also bullish altogether. The MACD is above the signal line and both are diverging from each other. The histogram has turned green with increasing intensity.

ZEC price analysis: ZCash breaches resistance at $147.6, turns bullish 1 — ZEC price analysis on the chart by TradingView

Final Verdict

ZEC price analysis will remain bullish for today, following Bitcoin’s new ATH formed today. Confirming this huge news, various investors claim that the reason for this price surge was the approval of the ProShares ETF. With the rise of Bitcoin, the demand for the ProShares ETF has also surged, reaching a trading volume of $1 billion.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.