ZEC Price Analysis: Will $100 Be Achievable by December 2024?

The ZEC price trend shows a recovery rally despite the Bitcoin price declining to $92,735. With a 28% jump in the last seven days, ZCash makes a comeback in the bull market.

As the ongoing rally aims for the $100 psychological mark, should you consider buying ZEC? Let’s find out.

ZCash (ZEC) Price Performance

In the daily chart, the ZEC price trend showcases a rising channel pattern at play. The bullish recovery has made two consecutive bullish candles, accounting for a price jump of nearly 40%.

However, within the rising channel, the market cap has recovered by 122% and has crossed the $50 psychological mark. Currently, the ZEC price is at $54.32, with an intraday gain of 5.99%.

The bullish recovery currently challenges the overhead asset trend line but faces a higher price rejection. This has led to a long wick formation in the intraday candle.

However, the current price is above the $1.2725 level at $53.68. Closing above this will increase the chances of a breakout rally.

Technical Indicators:

EMA: The 50-day, 100-day, and 200-day EMA lines maintain a positive alignment as the bullish trend continues.

MACD: The MACD and signal lines have recovered and regained a bullish gap with a surge of green histograms. Hence, the technical indicators expect a breakout rally in the ZEC price trend.

Will ZCash Price Hit $100?

Based on the Fibonacci levels, an upside continuation will challenge the overhead price trend line and the 1.618 Fibonacci level at $66.50. If the broader market recovers, the uptrend continuation in ZEC price could reach the $100 psychological mark by the end of December.

Conversely, the crucial support remains at $45.37, the 100% Fibonacci level. Hence, with a massive upside potential of nearly 100%, the ZEC price shows immense upside potential.

Curious about ZCash’s future? Dive into our ZCash (ZEC) Price Prediction for detailed insights and long-term targets!

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