Zcash Price Prediction: ZEC bounces off a substantial support level targeting $80

Zcash had one of the worst crashes in the market, losing more than 25% of its value in just one day. ZEC bulls are trying to recover after prices bounced from the daily 200-MA as there aren’t many resistance levels on the way up.

ZEC/USD daily chart

The initial crash took ZEC price as low as $50.56, and bulls managed to establish a healthy support level around $56. The price of Zcash has bounced several times from that level and the daily 200-MA, currently at $53.59.

The $56 support level is crucial because many addresses bought around that level. According to the IOMAP model, $56 and $42 are the most critical support levels. As for resistance, bulls will encounter a strong level at $71 and $83. 

ZEC/USD 12-hour chart

On the 12-hour chart, the MACD is on the verge of a bull cross after the bounce from the overextended RSI. There are very few resistance levels on the way up to $80 besides the Moving Averages. The MACD in combination with the RSI should serve as a good buy signal considering the crash didn't leave too many resistance levels on the way down. 

ZEC/USD 4-hour chart

ZEC appears to be in an uptrend, based on its 4-hour chart, after bulls formed a low at $51.5, followed by a higher low at $ 55.14. ZEC buyers also managed to make the price climb above the 100-MA at $58.35. The RSI remained overextended for around two days before the bounce. The next short-term resistance point is located at $64.34, the high of the last four days.