Zcash (ZEC) Is Climbing: How Long Does It Last?

• 3% spike has made Zcash currently trade at $476.
• Neither buyers nor sellers of ZEC have control.

As of July 30, Zcash (ZEC) is found under pressure. The broader market continues to dictate its direction under the bears. Also, several attempts have been made to attract the potent bulls. The negative price alignment confirms that sellers dominate the charts.

Only when the buyers enter the ZEC market will the momentum flip bullish. Significantly, the asset is currently trading at the $476.41 mark after a 3.97% spike in value. It opened the day trading at a low of $456.15, and with a bullish shift, the price has moved up to $477.43. 

ZEC’s market cap is resting at $7.91 billion, with the daily trading volume reaching the $330.39 million range. It is worth noting the data reported by Coinglass that the market has experienced a liquidation of $1.36 million worth of Zcash during the last 24 hours. 

Critical Support and Resistance Levels for Zcash 

Looking at the price pattern, the upcoming movements depend on ZEC’s crucial ranges. The initial support might be at $452.36. With a deeper correction, along with the formation of the death cross, $428.19 would be a crucial zone, revealing whether the price stabilises or slides even lower.

On the other hand, Zcash’s notable recovery level could be at around $499.52. Upon bullish strength accelerating and the emergence of the golden cross, likely to send the price through $523.11. Assuming the asset holds this threshold, the higher targets are aimed to be broken. 

ZEC Technical Setup: Rebound or More Downside?

The Moving Average Convergence Divergence line is above the signal line. Short-term buying momentum has triggered a bullish crossover. This crossover indicates a short-term correction within a larger downtrend. As both lines are below zero, the primary downtrend is active.

Traders wait to see if the MACD line can cross above the zero line, confirming a trend reversal of Zcash, or if it rolls back below the signal line to offer a short continuation entry.

Moreover, the daily Relative Strength Index (RSI) found at 50.11 suggests absolute neutrality. Neither buyers nor sellers have control, with supply and demand in near-perfect equilibrium. The ZEC Price is either taking a breather or stuck in a tight consolidation range. 

There is zero directional bias right now. Traders will wait for a breakout above 55 for a bullish push or a drop below 45 for a bearish move before taking a high-conviction trade.

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