Zcash entering bullish phase: $ZEC eyeing 55% jump

28 May, 2019 | Updated: 28 May, 2019
by Lourens Pepler
Price Analysis
Zcash entering bullish phase: $ZEC eyeing 55% jump

Zcash (ZEC) has barely received any attention during this bull market of 2019, and has 'only' managed to rise roughly 100%. Today it cleared its first high time frame resistance. Is ZEC ready to join the rest of the market and provide intense gains?

Highlights:

- ZEC completed its previous cycle

- $80 resistance cleared, now support

- $100 first target

Starting it off with the weekly chart, the first thing we notice is that ZEC has completed its previous cycle by retracing 100%. We also see that RSI is finally above 50 and that it's forming an uptrend, indicating that ZEC has entered its bullish phase. We can also see that ZEC has broken its first resistance level, which was around $80. Ahead of us we have $100 resistance, which is a psychological price point.  $100 will be our first target, and breaking through it will take us to the next target of $130.

ZEC/USD chart provided by Tradingview

Moving over to the daily we can see that we have good volume entering the market since February 8. Since then we’ve had a clear uptrend forming with RSI managing to trade mostly above 50, indicating that ZEC is overall bullish. We also just cleared the 200EMA resistance, but it has not yet fallen back to it to declare it as support.

ZEC/USD chart provided by Tradingview

If we pull up our favorite tool, the Fib extension tool, and we measure from the swing high to the swing low, we can see that ZEC had a perfect 61% retracement. This measurement also provides us with possible resistance levels for the future, and as we see our weekly resistance levels lines up almost perfectly with our fib lines, providing us with confluence for the analysis.

ZEC/USD chart provided by Tradingview

Momentum is telling us that ZEC will continue on its run as it continues to trade above the 50 RSI. $80 is our current support in case ZEC does not decide to make a run just yet.

Do you think ZEC will provide the same gains as 2017, and is a new all time high even possible for ZEC? Let us know what you think in the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

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