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- Golden crossover has been seen in the key moving averages.
- The Sellers in ZEC crypto seem trapped below the $20 mark.
The ZEC price has struggled to surpass the $35 hurdle for over a year but couldn’t. Since the beginning of 2024, buyers have defended the $20 level.
This zone has been working as a demand zone, and every time, the price is bouncing back from this zone.
At the beginning of July, the price consolidated in the demand zone for a few weeks. After the consolidation, the ZEC price triggered a breakdown from this level. However, sellers were not able to continue the bearish trend.
The digital asset price took support on the $16 mark and formed a ‘Dragon Fly Doji’ pattern. This fake breakdown grabbed the liquidity below the $20 hurdle and shot up by 100% in a month.
According to the chart structure, the crypto asset price has reached the supply zone. Historically, the price has remained unsuccessful in exceeding this zone.
Based on the technical indicators, the ZEC price showed bullishness in the $35 hurdle, but the RSI indicated weakness. Despite bullish momentum, MACD has triggered a death crossover with the signal line, and the histograms have slowly been small. At the end, the histograms have flipped to red.
Is ZEC Price Ready for Breakout?
This source on X claimed that the Zcash price had reached a crucial breakout level in a weekly time frame. After 4 years, the price has run from the bottom and reached a 1 year consolidation zone.
After 4 years… $ZEC ran those previous lows and is now looking to breakout from this 1 year consolidation area
— Akado アルカード (@AkadoSang) August 2, 2024
No one left with the balls to bid this pic.twitter.com/zI21OkGJkK
A successful breakout from the 1-year consolidation area may result in strong buying pressure.
Would the ZEC Price Trigger a Breakout?
At the time of writing, the Zcash crypto was being traded at $33.12, which has gained 1.56% in the past 24 hours. The market capitalization was $540.72 Million, and the 24-hour trading volume was $93.48 Million at press time.
A successful breakout from the $35 may lead to a strong bullish trend, and the price may smash the $50 hurdle. It would not be safe to buy ZEC crypto immediately after the breakout.
If the price faces resistance from the supply zone, sellers may easily drag down the price to the $20 mark. Assuming the digital asset price starts trading below the $20 level, it would be difficult for the buyers to bounce back.
Is a Breakout in Zcash price Anticipated?
The ZEC price has approached the crucial resistance level of $35. A successful breakout could lead to a strong bullish trend, potentially pushing the price past the $50 hurdle.
However, it may not be advisable to purchase ZEC crypto immediately after the breakout. There is still the possibility of resistance from the supply zone.
On the other hand, failure to break the resistance could result in a drop back to the $20 mark. It can pose challenges for buyers in regaining momentum.
Technical Levels
The Zcash price is expected to face resistance from the $35 and $50 levels. The price may take support on the $26 and $20 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
