ZEC Prices Shoot Up As Demand Increases Within Expanding Channel

ZEC technical analysis displays a bullish reversal from the support trendline, teasing a jump above the 100-day SMA to test the $83 mark. Despite a 20% drop within the expanding channel, the ZCash (ZEC) prices reverse from the support trendline and the 50-day SMA. And with a 14% recovery in the last five days, the possibility of a bull run to the $83 mark increases. So, will the uptrend break the 100-day SMA, or will buyers fail to sustain the uptrend? Key Points: The ZEC price trend is likely to rise above the 100-day SMA. The 50 and 100-day SMA teases a bullish crossover. With a market cap of $1.04 billion, the intraday trading volume of ZCash has increased by 13% to reach $93 million. Source – Tradingview ZEC Technical Analysis Amid the bullish recovery from the psychological mark of $50, the ZEC prices form an expanding channel in the daily chart. The bullish pattern accounts for a price jump of 34% in the last 45 days. However, the recent bear cycle within the expanding channel accounts for a 26% drop to the $60 mark. Nonetheless, the buyers regained trend control at the support trendline accounting for a 14% jump last week. As the recovery rally gains momentum, the possibility of an uptrend to the overhead assistance of $83 increases. Hence traders can find multiple buying spots at the current market price. Currently, the ZEC market price trades close to the $70 resistance level, but the increase in trading volume projec...