Zcash Price Analysis – April 13
Sellers may face the $201 psychological support level and may reduce to the potential support levels at $181, and $156. At the upper side of the chart, the buyers are facing the resistance level at $231, $257, and $281.
Resistance levels: $231, $257, $281
Support levels: $201, $181, $156
ZECUSD Long-term Trend: Bullish
The bulls are dominating over the bears in the ZEC market, in other words, Zcash is bullish in the daily chart. Since the beginning of March Zcash has been ranging within $118 and $156 price levels. On April 01 the bulls prevailed and break up the $156 level soaring higher every day. It has seen a large percentage of gains through its increase against the dollar. The coin broke up $181 and $201 price level but found resistance at $231. It pulls back to retest the $201 before it continues the bullish trend.
According to the above daily chart, technically ZEC/USD is already in the hands of the bulls as the price is trading above the 9 periods EMA and 21 periods EMA at a distance range. Nevertheless, sellers may face the $201 psychological support level and may reduce to the potential support levels at $181, and $156. At the upper side of the chart, the buyers are facing the resistance level at $231, $257, and $281.
ZECUSD Medium-term Trend: Bullish
On the 4-hour chart, the price decrease was rejected at the support level of $156. It bounces and breaks up the $181 and $201 price level. The price is seen to be moving above the 9 periods EMA and 21 periods EMA as a sign of an increase in bullish momentum. Meanwhile, if the price breaks up the resistance level at $231, then, the market may continue to experience an upward trend that could touch the nearest resistance level at $257 and above.
The indicator Relative Strength Index period 14 confirms that the market is moving up with the signal line pointing up at 60 levels.