Zcash Had a Negative Breach Below the Crucial Mark of $60.00 Trading at $57.20

  • With the significance of bearish global market sentiment, the coin breaks its major support of $60.00 on Wednesday’s trading session
  • The ZEC/BTC pair also lose -2.23% and stands at 0.00432820 BTC
Source: tradingview

The monthly chart of ZEC highlights the bearish momentum after testing the level of $75.97 and forms a falling channel pattern targeting the fib level 0 ($51.45), which acts as the strong support for it. Over the last trading session of Wednesday, it breaks the support of $60.00, the digital asset drops around -7.15% in the last 24-hours and volume recorded is $642,393,539 with a market capitalization of $642,393,539.

Due to the weak global sentiment, ZEC faced a significant fall after facing the rejection at fib level 0.618 ($66.75) and the coin face a downtrend followed by the falling channel pattern.

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The Relative Strength Index (RSI) is making lower highs over the chart and targeting the lower region with the current level of  27.50. It is indicating that the digital asset is in the oversold region and showing no signs of recovery.

Source: tradingview

 The Commodity Channel Index (CCI) currently standing at -138.00 and residing in the oversold region. The levels made an attempt for recovery but the magnitude of the downfall had more weightage.

Source: tradingview

Moving Average Convergence & Divergence (MACD) highlights the multiple negative crossovers under the neutral range and the significance of the bear’s line looks more. 

What Can Be The momentum of Zcash in the Coming Trading Session?

 The overall indicators are in the favour of the bears, indicating a further downside in the coming session as the bearish global market pushing the price on the downside, targeting the level $51.00 and if the crucial support breaks, we can expect the level $49.00 & $44.52 to come into play. On the upper hand, the resistance is placed at $61.9 on the 30-DMA  and the strong resistance is $66.75.

Support level: $51.45 & $50.00

Resistance level: $61.9 & $66.75    

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Pratik Chadhokarhttp://www.thecoinrepublic.com
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.

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