ZEC Technical Analysis: Bullish Reversal Awaits The $100 Breakout

The failed bearish pattern helps the ZEC market value sustain float above $80 and teases a potential bullish rally surpassing the $100 mark. Key technical points: The ZEC prices show a slight recovery of 0.81% over the past 24 hours. The downtrend continues under the influence of a resistance trendline. The 24-hour trading volume of Zcash is $102 Million, indicating a fall of 4%. Past Performance of ZEC ZEC prices crumbled during the bear market in April and May resulting in the breakdown of the psychological mark of $100 to take support at $80. The Zcash token value depreciated by 60% during the bear market and even formed a failed rounding top pattern with a neckline close to $80. Source- Tradingview ZEC Technical Analysis Buyers managed to disarm the bearish strategy and led the price trend in a lateral dimension resulting in an accumulation phase between $100 and $80. The breakout of this range will be the critical variable in setting the upcoming trend. The three crucial daily EMAs are marked red, blue, and black for 50, 100, and 200-days respectively in the chart, maintaining a bearish alignment, signaling the long-term correction phase. Additionally, the MACD and signal lines indicate an uptrend with increasing buying pressure, evident by the uptrend of MACD histograms. Furthermore, the RSI indicator also shows a sideways trend in the nearly oversold zone, struggling to reach the halfway line. In a nutshell, the ZEC tec...