Zcash (ZEC) Coin Price Exposed For Negative Breakout Below $100

Zcash coin price performed bearish after facing resistanct at $105 on daily timeframe
  • Zcash coin price might have degenerated its sustainability above the bullish regime of $110
  • The ZEC/BTC pair has also turned negative with a loss of -0.12% bringing the current level to 0.002839 BTC 
Source: Coinmarketcap

The intraday performance of Zcash coin price highlights the resistance faced at the price level of $105.00 on a daily timeframe resulting in a negative performance of 0.50% during the current market session. Zcash price already faced a negative breakout below the crucial mark of $100 during the day registering a 24h-Low at $99.07 but was quick enough to bounce back. The CMP is placed at $103.40 bringing the market capitalization to $1,123,798,020 resulting in a minor decline of 0.30%. The 24-hour volume traded has reached $1,328,127,681 causing a major decline of 20.51%

Zcash Chart Retracing From Bullish Regime Forming Falling Channel Pattern

Source: Tradingview

The technical chart of Zcash price highlights the significant retracement faced by the price levels after testing the critical resistance level of $120.00. The price levels have now formed a falling channel pattern with a support line placed at 0.382fib level. For a positive bounceback, the levels must have a positive breakout above 0.236fib level and sustain at the same time. On the contrary, a negative breakout below 0.382fib level can be a bearish indication for the upcoming trading sessions. 

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RSI (NEUTRAL): The levels have avoided multiple negative dips towards the oversold region majorly with the help of support placed at $100.00 and $98.00, respectively. The current level stands at 50.64 while showcasing positive nature on the chart. 

MACD (BULLISH): The levels have formed a bullish crossover while the histogram has started to form green candles on the line. 

DMI (BULLISH): +DI is still moving strong and well above ADX and -DI, respectively. A positive crossover of ADX against -DI might be an entry point for the bulls. 

Resistance Level: $105.00, $110.00 & $120.00

Support Level: $100.00 

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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.

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