Zcash was in a unique position in the market at the time of writing. While the rest of the crypto market consolidated in a lower range, ZEC managed to return to its annual high of $ 110. In fact, the token, which was valued at $ 108 at the time of writing, had recorded a new high of over $ 110 in the past 6 hours. However, a small retreat for ZEC may be on the horizon. Today, Zcash has a market value of $ 1.13 billion.

 

Zcash hourly chart

In the hourly timeframe, Zcash was exhibiting the formation of a rising wedge pattern that implied a bearish situation on the near future of the cryptocurrency. Regarding the market structure, the price could fall below $ 100 in the next few hours, following the orange path. On the other hand, a breakout may occur later in the week, but if the price consolidates above $ 110 on the chart, the chances of it voiding the pattern increase.

The current trading volume has supported the downtrend as the falling volumes with the higher price are a warning of bearish divergence. Finally, the 20 Moving Average and the 50 Moving Average continued to support Zcash’s price rally.

Key technical indicators for ZCash

The Stochastic RSI looks on its way to correction after the bearish indicator completes a crossing above the bullish indicator in the overbought zone. It was clearly a sign of forward-looking corrections.

The Balance Transaction Volume remained at higher levels, but sellers in the market would have a higher incentive to trade ZEC at the press time price point.

Finally, the Awesome Oscillator maintained neutral momentum. While the red candles were prominent on the chart, the trend looked largely stable at the time of writing.

Weekly Chart in positive outlook

An important bullish sign for Zcash on the weekly chart was the completion of the 1st Golden Cross in the long term market. $ 77 is currently serving as a weekly support and the closing price above the support level is a big positive. In fact, the rising level of support since April 2020 has not been breached, except for a slight retest last week.

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