ZEC Price Analysis - August 24, 2018

At the time of writing, ZEC price is currently sitting at $140 after ranging quite a bit since the time of our last update.

Since the high of August 18th, ZEC has gone on a downtrend similar to many other coins. The first level of support around $134 wasn't particularly strong it seems and it got breached and one attempt to drive above it was also shot down. However, ZEC has established $125 as a stronger support for the time being, and its last bounce from there got us to where we are now.

On the upside, we'd monitor ZEC for two things. The first is to see if it can break above the downtrend line it has formed since the last high. Second, whether it can have another attempt at the resistance sitting at $145.5 or so. The last two attempts were unsuccessful and the last one got shot down pretty hard actually, but hey, things come in threes so who knows. Above $145 and we might be looking at a straight shot up to $155 with little consolidation, although if ZEC fails to show any signs of consolidation that might get shot down pretty quickly as well, in which case we might be looking at more ranging.

On the downside, if ZEC gets shot down from the trend line, $134 doesn't look particularly strong to hold it, in which case we might look for a drive down to $125-$129.

But, all in all, ZEC isn't shooting down immediately in reaction to the downtrend line, so there might be some hope.

On the daily chart for ZEC, technical indicators give a bearish outlook but an improving one (13 sell, 10 neutral, 3 buy)

On the weekly chart for ZEC, technical indicators also give a bearish outlook (13 sell, 7 neutral, 2 buy)

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