Zcash (ZEC) Price Analysis: Zcash Bulls Showing Strong Potential For $40 Mark

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Zcash is showing significant price recovery for the past few days. 
  • Currently, it is having a gain of 1.47% and is at the support level of $35.
  • The ZEC/BTC pair is also the downfall of -0.09% bringing the current price to $0.00547906.

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Source: Coinmarketcap

On the 7-day weekly chart, Zcash started with a support level of $35.00. But the downtrend faced brought the price to the support level of $30 this month. The support level provided altcoin the required boost, which increased the price to the resistance level of $38. However, Zcash has then failed to show any significant movement in today’s market.

The current price is $38.28 with the market capitalization of $304,450,995 and 24h volume traded of $581,700,691.

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 $500M.

Zcash (ZEC) Price Analysis

Screenshot (222)
Source: Tradingview

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.

CCI had a sharp negative divergence from the overbought region and looks to sustain in the normal territory which may provide sustainability to the cryptoasset over the resistance level of $38.00

Resistance Level: $38 and $40

Support Level: $35

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