Zcash Price Rebounds Towards $900 Resistance Zone
Zcash price has rebounded after falling towards $780 on September 3, according to data from crypto.news. The price recovered nearly 4% on the daily chart and currently trades near $847.
The recovery follows a volatile pullback from the $880-$890 area. ZEC had climbed rapidly from approximately $500 in August, with the advance accelerating once it cleared the previous resistance zone near $600.
However, profit-taking emerged after the price reached an eight-month high close to $890, leading to a fall towards $780 before stabilizing. The wider move remains strong despite the recent turbulence, with Zcash trading well above its 20-day simple moving average at $728 and other short-term moving averages.
The daily relative strength index stood at 70.29, just above the conventional overbought threshold, indicating that momentum has started cooling even as the price remains close to its recent peak. The 4-hour chart presents a more balanced picture, with ZEC recovering above the Bollinger Bands' middle line at $836 after briefly trading closer to the lower band at $803.