ZEC Technical Analysis: Will Buyers Withhold $150 Barrier?

ZEC coin price shows a higher price rejection from the $170 mark and projects the possibility of a head and shoulder pattern. Key technical points: ZEC prices prepare a triangle breakout. The MACD and signal lines are merged below the zero line. The 24-hour trading volume of ZCash is $182 Million, marking a 45% rise. Past Performance of ZEC ZEC coin price shows a failed bullish reversal from the $135 mark to surpass the $170 level resulting in a higher price rejection. Hence, with the increased selling, the downfall aims at the $135 support level if the 50-day EMA collapses. Source-Tradingview ZEC Technical Analysis As depicted in the daily chart, the ZEC token price shows a high possibility of a head and shoulder pattern. A retracement to the support will complete the bearish pattern with a neckline at $135. Moreover, a successful bearish breakout will result in a fall to the $120 mark. The flattish crucial EMAs(50, 100, and 200) accentuate a sideways rally in ZEC price. However, the coin price trading above these EMAs gives the buyers an advantage. MACD Indicator: The MACD and signal lines a bullish crossover offers a buy signal for interested traders. However, these lines fail to provide a significant spread and undermine the bullish momentum. RSI Indicator: The RSI slope rose from the lower bearish region to the neutral mark. However, the indicator struggles to surpass this neckline, suggesting negative sentiment in the ma...