ZEC Technical Analysis: Reversal Rally Ready To Challenge $83 Sellers

The ZEC price action shows a successful post-retest reversal from the $70 mark teasing a potential price jump to the $83 mark. Key Technical Points: The ZCash token price action shows a reversal with a morning star pattern. The ZCash market price sustains above the 100-day SMA. With a market cap of $1.16 billion, the intraday trading volume of ZCash has increased by 3.6% to reach $84 million. Past Performance of ZEC The ZCash (ZEC) price action reverses from the $83 resistance level with a streak of higher price rejection candles. The bearish reversal rally retests the bullish breakout of the consultation range below the $70 mark. However, the recent morning star pattern reignites the bull cycle teasing a price jump to the overhead resistance at the $83 mark. Source – Tradingview ZEC Technical Analysis The ZEC price shows a 5.58% growth in the last 48 hours, reflecting a rise in the underlying bullishness. Hence the likelihood of a bull run reaching the $83 mark increases. With a bullish reversal from the 100-day SMA, the bullish influence grows over the 50-day SMA resulting in a positive turnaround. The daily RSI slope regains bullish momentum to test the 14-day average line in the nearly overbought zone. Moreover, the MACD indicator shows the fast and slow lines struggling to maintain a positive trend due to the lack of a bullish gap. In a nutshell, the ZEC Technical Analysis projects a high likelihood of a positive trend co...