$ZEC Analysis: Zcash Approaches 400 Dollars as Bulls Target a Breakout
Zcash is up 5 percent on Friday morning, extending the 8 percent rebound from the previous session. The privacy coin has formed a clear V-shaped reversal pattern on the daily logarithmic chart, bouncing strongly from the psychological 300 dollar support with three convincing consecutive green candles.
The recovery is now pressing against the 50-day EMA near 420 dollars, which is the nearest resistance zone. A solid daily close above this level could extend the uptrend and open room for a move toward the 550 dollar supply area.
Daily RSI is sitting at 42 and continues to climb toward the neutral region, showing that selling pressure has eased significantly. At the same time, the MACD line is narrowing its divergence and moving closer to the signal line, increasing the probability of a bullish cross that would confirm a new upward momentum phase.
In a less optimistic scenario, if Zcash fails to hold the 400 dollar region and begins to retrace, the 100-day EMA at 323 dollars will be the next key support to watch.
