ZEC's price action represents an interesting chart pattern The price of Zcash coin is in recovery phase after testing the 2022 year low several times.
The price action of ZEC is noticing the reversal head and shoulder pattern in context of the daily price chart.
Zcash coin price jumped above the leading span B-$113 of Ichimoku indicator, which has been a strong selling point for the past several days. But the bulls have to close the daily price candle above it. Furthermore, Leading Span A is at the $111-mark.
In terms of the daily price chart, the Stoch RSI is trending down after retesting the overbought zone. At the time of writing, the value of K is 45-points and D is at 46-points (denoting the phase to the side).
The Average Directional Index (ADX) is showing extremely weak bullish momentum for the Zcash coin on the daily price chart.
Investors are expecting a close of the daily price candle above the Ichimoku indicator for a sharp recovery. If the bulls breach the $140-resistance daily, the bears could bring the ZEC price down again
Resistance level- $140 and $175
Support level- $100 and $80