ZEC Faces Strong Pullback After Hitting $95: Price Analysis

ZEC Faces strong pullback after it hit the $95 price point while still being the most popular privacy-oriented cryptocurrency. Zcash has marked a huge growth after the massive crash in March and since then, the coin has been on a steady uptrend despite its volatility so let’s find out more in the upcoming Zcash latest news.

If we take a look at the price trend over the past 30 days, ZEC persisted an upside trend but after hitting the $100 price mark, it cooled down its pace. It is now trading around $93 after facing the sharp pullback from $95. In the past 24-hours, the ZEC price traded $97 in the first hour and it was trading under strong bearish pressure. The price fell below $94 but it then recovered and touched $95. However, after hitting the $95 level, Zcash faced rejection and started a downside correction while still declining to $89 but managing to register moderate recovery afterward.

As ZEC Faces strong pullback, the price escalated to a previous resistance of $95 but then faced a price drop and corrected below the $92. At the time of writing, the ZEC coin was trading around $93.15. The MACD indicator reflected a bullish crossover as the line overpowered the signal line and the coin could face correction. Zcash could even test the previous level of $89 in the downside.

Some traders believe that the ZEC price performance is a strong rally which allowed the coin to breach its pivotal resistance level. This behavior clears the way for further growth and it would even help it move past 30% and reach its next resistance which will be $125. This is the most optimistic prediction while others believe that a smaller resistance of $116 is more likely to be the next target. Another thing to have in mind is the upcoming Zcash block reward halving.

Recently, Zcash partnered with Gemini and Binance to launch its new Crypto in Context program as DC Forecasts reported for the Zcash news, which is a new education program that is designed to help spread the word of crypto across the world. Crypto in Context is a new education initiative that is led by the makers of Zcash.