Zcash, one of the top lucrative cryptos amongst the top 30 of the global crypto market, has been trading with a notable uptrend over the past two weeks and currently trades above $60 at $64.8, slightly below the major resistance at $65. ZEC coin may appear least considerate and left out amongst the altcoins like Litecoin, XRP, ADA, etc., as per the current market, momentum, and return bearing capacity of the currency.
However, many of the cryptocurrency influencers and loyalists will not fail to have ZEC in their watchlist, which otherwise may be underrated so far, although being positioned amongst the top 30 in the market.
Tyler Winklevoss during the last #GeminiLive: “This is not an investment advice, but I personally think Zcash is maybe one of the most, if not the most underrated cryptocurrency project out there.”
— Zcash Boy (@LegendGonna) October 1, 2020
Zcash Price Analysis
At the press time, Zcash was seen trading at $64.83 after an extended uptrend drawn from the last week of the previous month. With intraday positive sentiment, ZEC price is seen breaching the upper band on a 2-hourly chart. However, it was just in the previous month when the ZEC/USD pair has experienced the steep bearish breakout from the high of $84.
The Bollinger Bands do not show any trading extremities at present but definitely restore the positive market sentiment as per the current ZEC/USD price trend. However, after tracing the bottom, Zcash could only manage to rise as high as $67, briefly and resorted to a downslide until the last week when the markets geared up for a positive movement.
Alongside, just at the onset of the ongoing month, ZEC price with a bullish candlewick rose as high as $68, but with volatile intraday movement, it pulled back below $65. Least concerned with the intraday pullback, Zcash retains support from SMA50 & SMA200 around $62 & $58.
As per the current market sentiment & movement of Zcash against the US Dollar, the MACD reflects bullish divergence due to extended uptrend. Similarly, the RSI is marked at 57 and is inclined towards the overbought region, leading to price amplified demand. Moreover, the ZEC coin is mildly volatile in itself, and a gush of momentum is likely to draw a complete and clear bullish divergence once the coin crosses $65 and $70.