HomeUncategorizedZCash Price Analysis for 01/13: ZEC/USDT Looks to Break the $38.3 Resistance

ZCash Price Analysis for 01/13: ZEC/USDT Looks to Break the $38.3 Resistance

The top cryptocurrencies begin showing minor signs of a temporary bearish trend. This was to be expected, as bitcoin has yet to re-test the $8,000 support level before anything else can occur. 

The bigger question is any of the altcoins can evade this bearish trend. So far, it appears that the zcash price trend is still intact. 

ZCash Price Momentum

When the value of bitcoin starts to dip in the red, alternative markets tend to follow suit fairly quickly. Not all altcoins will do so immediately, however. Instead, there are currencies such as zcash that can easily buck the overall trend, at least for now. 

It has been a solid week in the zcash price department. With a 12.6% gain over the past seven days, there is no reason to complain. It is crucial to note than the zcash price did not break through the $30 support level, despite coming close on two occasions.

Since dipping so low, the value has continued its uptrend. At the peak, one ZEC was valued at $37.64, albeit this level could not be sustained right now.  With a current zcash price of $37.4, the overall trend remains firmly in place. A retest of the $38.3 resistance is still a possibility.

ZEC/USDT Technical Indicators

Fintoism ZEC 1301

Bollinger Bands: Following the recent uptrend, one would expect the Bollinger Bands to start narrowing again. So far, there is no sustained narrowing to speak of.  A temporary narrowing occurred for an hour or so, before the zcash price continued its uptrend.

Until these channels settle down a bit, there will most likely be continual volatility. The actual price swings will not be that major, however. For now, it seems as if ZEC bounces between $36.5 and $37.5. Scalpers can make a lot of money flipping ZEC back and forth during this period. 

Moving Averages: There is a lot of notable action where the MAs are concerned. The MA20 remains above the MA50. This often indicates a continuation of the bullish trend. Even the MA200 is moving up slowly for ZEC, which is an interesting sight.

Zooming out a bit further, the bullish crossover between the MA20 and MA50 is confirmed. However, it shows the MA200 is still declining, and slowly dipping below $50. It may be a while until these averages cross over again. 

RSI: Based on the RSI, it is evident that zcash is currently in overbought territory. It has remained near that zone during the entire uptrend over the past seven days. This is another indication of how the bullish zcash price trend is likely to continue in the hours, and possibly days to come. 

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.


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