The daily technical chart of Zcash (ZEC) is exhibiting a strong bullish pattern, and the privacy-oriented cryptocurrency is displaying strong indicators of further growth. As per CMC data, it is currently trading at $54.63. Moreover, ZEC has shot up about 13% within the past 24 hours, and this indicates increased investor confidence and technical power.
The moving average setup is a good bullish formation as the 50-day EMA of $45.93 is far above the 200-day EMA of $42.41. This golden cross pattern is usually an indication of long-term positive momentum, and the present price movement of ZEC above the two major moving averages supports the bullish case. The positive trend structure is also confirmed by the upward-sloping trend of both EMAs.
Green signals are being flashed on technical indicators throughout the board. The MACD indicator depicts positive momentum where the signal line is in a bullish divergence, which means that the buying pressure is still greater than the selling pressure. The RSI value of 63.76 indicates that ZEC is in a good bullish position but not overbought, and thus there is still a possibility of further increase. This is a sustainable momentum and not an overextended rally, as this is a balanced RSI level.
Source: Tradingview
The market sentiment has changed to a definite positive, as indicated by the sentiment indicator, which has strong bullish readings. This combination of favourable technical indicators and better market psychology is a perfect setting to the further rise in prices.
Price action-wise, ZEC has managed to overcome the key support of $34.50, which was the resistance in the past, showing the power of the current rally. The altcoin has set high lows and highs, and it has a definite uptrend pattern that technical traders prefer.
In the upcoming sessions, the resistance levels of interest are at $56.81 and $60.00. The $56.81 mark is the short-term target, which corresponds to the past swing highs, and the psychological $60.00 mark may be a more significant resistance area. Both targets seem to be realized in the near future, given the current technical momentum and favourable market conditions.
Such a combination of positive moving average positioning, positive momentum indicators, and constructive sentiment indicates that the bullish trend of Zcash has good technical grounds to persist, and it is a good offer to traders interested in gaining exposure to privacy-centred cryptocurrencies.
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