Zcash (ZEC) Price Analysis: Bulls Sustaining $30 Mark Indicates Bullish Movement

• Zcash currency price is showing significant price recovery for the past few days.
• Currently, it is having a gain of 2.47% and is at the support level of $30
• The ZEC/BTC pair is also facing the downfall of -3.09% bringing the current price to $0.00474107.

On the 7-day weekly chart, Zcash started with a strong level of $32.50. But the downtrend faced brought the price to the support level of $28.80 in the previous month. The support level provided altcoin the required boost, which increased the price level to $31.50. However, Zcash has then failed to show any significant movement in today’s market.

The current price is $31.28 with the market capitalization of $304,450,995 and 24h volume traded of $375,700,691.

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 $304M.

The technical graph reflects on the bearish movement of Zcash from the starting of the previous month to date. However, the bullish momentum gained by the altcoin from the starting of this year 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 bearish cryptomarket.

The technical indicators are taking gradual improvement in their levels for the altcoin but show downtrending nature. MACD levels have finally reached the bullish zone after having a bullish cross in the bearish region which indicated that the altcoin is ready for significant growth in today’s market. RSI is in a normal region which indicates price sustainability for the cryptoasset but the negative nature can provide hurdles to the price recovery.

Resistance Level: $35
Support Level: $30

Pratik Chadhokar

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.