ZEC Technical Analysis: Bullish Reversal Starts Within Expanding Channel

ZEC coin price action shows a bullish reversal in the expanding channel indicating a potential price jump above the $200 mark. Key technical points: ZEC prices find support at the 50-day EMA. The upside retracement augments prices by 6.93% in the last 24 hours. Finally, the 24-hour trading volume of ZCash is $370.75 Million, marking a 22.25% rise. Past Performance of ZEC ZEC coin price shows an expanding channel formation as the bulls revert the trend from the $85 mark. The recent rejection from the resistance trendline accounts for a 25% decline within two weeks before the buyers step in at the confluence of the 50-day EMA and the support trendline. Source-Tradingview ZEC Technical Analysis ZEC coin price shows a growth of 120% in the last six weeks within the expanding channel and sustains above the 38.20% Fibonacci level. Moreover, the bullish reversal teases the 50% Fibonacci retracement level breakout at the $195 mark. The crucial daily EMAs (50, 100, and 200) regain the bullish alignment, but the spread between the 100 and 200-day EMA is minimum. However, the 50-day EMA supports the falling prices and increases the possibility of an uptrend to $200. RSI Indicator: The RSI slope bounces from the 50% mark after the rejection-led breakout of the 14-day SMA. The RSI value sustaining in the nearly overbought territory above the halfway mark signals a buy signal. In a nutshell, the ZEC technical analysis highlights the expandi...