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- Zcash hasn’t shown any significant price movement for the past few days.
- Currently, it is having a gain of 1.07$ and is at the support level of $50.
- The ZEC/BTC pair is also facing the downfall of -0.09% bringing the current price to $0.005.
On the 7-day weekly chart, Zcash started with a strong level of $57.50. But the downtrend faced brought the price to the support level of $48.80 at the starting of this month. The support level provided altcoin the required boost, which increased the price level to $51.50.
However, Zcash has then failed to show any significant movement in today’s market. The current price is $51.28 with the market capitalization of $475,450,995 and 24h volume traded of $362,700,691.
The altcoin can show a lot of potential in price movement as it was at the level of $70.00 at the starting of February. The volume traded at that time was also on a significant rise and was around $900M as compared to that of current, which is around $362M. The market capitalization is also on the significant decline (450M) currently as compared to the market cap when the price level was $70($700M).
The technical graph reflects on the bullish and bearish movement of Zcash from the starting of the year to date. The bullish momentum describes the potential of the coin as well as strong future fundamentals and projections too. We can say that the downfall was the result of sharp rising rallies and market forces of the bearish crypto market.
The technical indicators and oscillators suggest that ZEC bulls have still some potential left. CCI had overcome from the overbought region by having a negative divergence in the market. MACD levels are showing signs of positive momentum as it is reaching the bullish zone. However, RSI is downtrending in the level to 40 which indicates that the altcoin can break the major support level of $50 again.
Resistance Level: $53 and $60
Support Level: $48 and $40
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
