Zcash Price Analysis – May 14
According to the daily chart, Zcash (ZEC) is currently showing signs that it is ready to recover the previous losses.
Resistance levels: $135, $145, $155
Support levels: $65, $55, $45
ZECUSD – Daily Chart
ZEC/USD price has been hovering below the 9-day and 21-day moving averages, the technical indicator Relative Strength Index (14) suggests that ZEC/USD is poised to recover all the previous losses. Therefore, if the buy orders begin to pile up, the Zcash price could rise towards the upside. Meanwhile, the technical indicator predicts that a spike in resistance could push the Zcash prices to higher levels.
Zcash Price Analysis: ZEC Price Could Double
The daily chart reveals that the Zcash price could double if it breaks above the crucial resistance. The Zcash (ZEC) has staged a significant recovery following the crypto market’s flash crash this month. The first key resistance on the upside is near the $125 level. The next major resistance on the upside is near the $135, $145, and $155 above the channel trend line.
However, a successful close above the channel might open the doors for a push towards the higher levels. On the downside, initial support is expected below the lower boundary of the channel in the event a reversal comes into the picture from the prevailing price levels. More so, the bearish movement below this barrier may come in handy at $85. Other lower support levels may be located at $65, $55, and $45 respectively.
ZEC/BTC Market: Price Heads to the Upside
When compared with Bitcoin, the Zcash price is currently changing hands at 3482 SAT and if the bulls can continue to push it towards the upper boundary of the channel, the coin may likely hit the next key resistance at 4000 SAT and above. Meanwhile, the Relative Strength Index (14) is likely to cross above the 60-level which could give way for more bullish movement.
ZECBTC – Daily Chart
Therefore, if the bulls failed to keep the market price above the 9-day moving average, ZEC/BTC may begin the bearish movement and could see a sharp drop below the lower boundary of the channel. Breaking this barrier could drag it to the critical support level of 2700 SAT and below.