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Zcash (ZEC): Bulls Appeared Exhausted As Pullback May Occur Soon

Zcash (ZEC) Price Analysis – June 18

ZEC market has continued to witness a positive growth as the change brought 8.93% in the last 24-hours trading. The huge demand and the high trading volatility have led the market to the current price buying price around $109 which may continue to increase if the bulls remain in the market.

ZEC/USD Market

Key Levels:
Resistance levels: $115, $120
Support levels: $100, $90

For the past four weeks, Zcash has been trading within a broadening ascending wedge. The cryptocurrency is currently trading at around $109 since last week. The bulls are now in control of the market as they look ahead to $115 and $120 resistance, testing the upper wedge. The bullish move is revealed on the 4-hours RSI which is now significant at the overbought zone.

ZCASHUSD, 4H Chart – June 18

Zcash could run a slight retracement to $100 and $90 supports before resuming the bullish rally. If the market fails to retrace a little, the bullish scenario may further to the upper wedge before we see a price rejection at the $120. As of now, ZEC trading has reached the overbought condition on the 4-hours Stochastic RSI, revealing a bearish move.

ZEC/BTC Market

Zcash has been following a bullish sentiment over a month as the token spiked to the upper channel at 0.01249BTC area earlier today, which is the monthly high price. As of now, ZEC price trades at 0.01208BTC, dropping a bit below the recent high.

ZCASHBTC-4H-Chart-June-18

In just two days positive move, the market went up by 20%, leading the market to the overbought zone of the both the 4-hours RSI and Stochastic RSI. A retest at the upper channel could eventually pop up 0.0125BTC resistance. But a look at both the technical indicators suggests a bearish signal which could play out sooner or later. The key support levels lie at 0.0115BTC and 0.0105BTC.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.