Zcash Price Analysis: Will ZEC Token Price Ever Reach Its All Time High Of $6000

  • Zcash is currently seeing a decrease in the Inflow volume. It suggests that the retail investors are increasing their faith in the coin
  • ZEC price is trading at $155.78 with a gain of 2.5% in the intraday session. In contrast,  ZEC/BTC pair is also seeing an uptrend in the price.

What Does In/Out Money Tell About The ZEC Token Price?

ZEC token price is currently trading at $155.78 with a gain of 2.8%. The recent downtrend has erased half the gain since MAR 2020.  If we look at the IN/OUT money for the ZEC, then one can find that more than 50% of the address is In the money. It tells that the long term holders are currently in the profit and are in for the all time high of $6000.  Looking at the breakeven price of the address then approximately  57% addresses are profitable.

ZEC has remained one of the most used private crypto currencies in the current market scenario.It has various features which makes it the best private crypto. The recent regulation in the crypto may hike the price of ZEC because of its privacy features.

Technical Indicators Suggests An Uptrend In ZEC Token Price

Source: Trading view
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ZEC token price is currently seeing a downside momentum in the weekly chart. Zcash price is up by 1.54% in the weekly time frame . The price is currently below 50 and 100 Exponential moving average. The 100 ema line is near $190.8 making it temporary resistance for the price. There is a formation of an accumulation zone in the daily chart. If the price breaks above the accumulation in the daily chart, then a strong bullish momentum can be observed in the price.  ZEC/BTC pair is currently in a consolidation but can soon see a major breakout.

The volume indicator of ZEC hints at a small buying pressure. There is a possibility of a surge in buying volume in upcoming days .

RSI(Neutral): It is currently at 41.39 , highlighting its presence in the neutral area. There is a small negative slope formation in the RSI, which hints towards the negative momentum in ZEC price.

CONCLUSION

ZEC token price is currently in a slump but can soon see a recovery in the future . ZEC/BTC pair performs positively and can see the continuation of uptrend in the upcoming days. An Investor should do their due diligence before investing.

TECHNICAL LEVELS

Major Resistance:$200

Major Support:$100

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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