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- The NETWORK UPDATE, 5 for zcash, brings a new product with a ZERO KNOWLEDGE PROOF feature
- The evening star pattern in the daily timeframe could get the price back to $200
ZCASH, after the breakout of the double bottom pattern in the daily timeframe, gave growth of 45% in the last week. The price might have started forming an evening star candlestick pattern which will be confirmed by the day’s end if the price forms a huge red candle. This could bring the price close to its support trendline, providing another entry opportunity for latecomers. The market capitalization of the ZCASH is $2,556,719,321 (-3.32%) and the 24-hour volume is $931,206,078 (-6.55%).
Zcash Price Next move: HIGH OR LOW?
ZCASH has broken two significant and one minor resistance levels in the 4-hour timeframe since the start of April, and the price could still be perceived to be in an uptrend. Currently, the price is trailing above $215, but still, the rejection from the $230 resistance level might bring the price as low as $200 or less. The unique double bottom pattern is seen in the 4-hour timeframe but might turn out as a head and shoulder pattern. The support trendline could prove immensely helpful in pushing the price back up to $250.
The latest news of the launch of a new product on 1st October 2022 by the electric coin company, the parent company of ZCASH, named HALO ARC, brings a new network update and a noteworthy feature, ZERO KNOWLEDGE PROOF, along with few technical updates. Zero-knowledge proof can verify a claim by a certifier and not disclose any information to the verifier other than the claim’s verification status. This feature intensifies the anonymity of ZCASH.
The 50 EMA (yellow) is above 200 EMA (white), implying an uptrend in action in a 4-hour timeframe. Price is above 50 EMA, which adds up to this idea. 50 EMA is close to the mentioned support zone and might help hold the price up.
The relative strength indicator is bearish with the slope moving down for now, but RSI could turn back up if the price gets support near any mentioned levels.
Conclusion
Support trendline and the mentioned support zone near $200 are crucial in holding the price up but if these fail, the price could fall to $182 to $160.
Early traders must be cautious with the weird double bottom formed in the 4hour timeframe and observe the bigger picture.
Support – $182, $160, support zone near $200 and the 50 and 200 EMA
Resistance – resistance zone near $220
