Zcash (ZEC) Shows Signs of Recovery As Price Soars 12% In A Week

• Zcash (ZEC) price surges 38%, trading at $38.47, poised for a bullish rally above $40 resistance.

• Technical indicators (RSI at 62.07, MACD bullish crossover) signal strong buyer momentum in ZEC.

Zcash (ZEC) price is showing signs of recovery as its price bounced from the $28.00 level and surged 38% from there. ZEC price broke the 50-day EMA mark and is about to break 200-day EMA level showcasing bullishness.

The price action indicates that the ZEC price is poised for a significant uptrend with a potential price increase in the cycling sessions. Buyers are working hard to maintain these levels and show confidence in Zcash’s upward direction.

Zcash cryptocurrency indicates increased buyer activity in the market. However, there remains a significant hurdle at $40.00 to initiate a fresh bullish rally. If the price succeeds in breaking this level then investors may witness a bullish rally in the upcoming days.

According to CMC data, at the time of publication, the Zcash cryptocurrency is trading at $38.47 with an intraday increase of 3.66%, showing an optimistic mood on the chart. It also has a trading volume of $71.47 million and a market capitalization of $609.94 million.

Will ZEC Price Break Above the $40 Mark?

Source: Tradingview

ZEC is currently trading above its 50-day exponential moving average (EMA), suggesting a bullish outlook. The current RSI value is 62.07 points indicating the bullish nature of the Zcash price.

The MACD line at 0.43 above the zero line. There is a bullish crossover in the MACD indicator with green histogram, which indicates bullish momentum. The Zcash crypto price may find support at $35.73, while price may face resistance at $40.00 and $40.85, where it could reverse or consolidate.

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