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- Zcash Price traded sketching a three descending peaks pattern over the daily chart.
- The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of ZEC/BTC is at 0.002961 BTC with an intraday drop of 10.72%.
Zcash price is falling with a strong downtrend momentum over the daily chart. The token falters to gain support and is currently trading at $87. Zcash investors need to wait until any directional change over the daily chart. Zcash bulls must come forward to plan the surge of ZEC coin. However, Zcash price traded making a three descending peaks pattern over the daily chart. Basically the Three descending tops justifies the token’s bearish momentum that is downtrend momentum of ZEC coin. ZEC investors need to wait for any trend reversal over the daily chart to let the token surge.
Zcash price is presently CMP at $88 and has lost 10.43% of its market capitalization in the last 24-hour period. Trading volume has decreased by 11.06% in the intraday trading session. This shows that bears are on the move and ZEC is experiencing short-selling pressure at the moment. Volume to market cap ratio is 0.108.
Zcash price is trading with a strong downtrend momentum over the daily chart. Short-sellers’ clutch can be observed over the altcoin. ZEC coin must look for a trend reversal to adapt to uptrend momentum over the daily chart.However, volume change can be seen below average and needs to grow for ZEC to avoid falling more below the demand zone.
Support on the lower side is at $60.0 and resistance on the higher side is at $100.
What do Technical Indicators Suggest about ZEC?
ZEC Coin price went through three descending peaks pattern over the daily chart. These descending peaks denote the token’s downtrend momentum over teh chart. ZEC investors need to wait for any directional change over the chart. Technical Indicators suggest downtrend momentum of ZEC coin. Bollinger-Band is about to signal the positive sign for ZEC. As the token is heading towards the lower band, it may reverse as soon as it crosses the band.
Relative Strength Index showcases that ZEC is heading towards the oversold territory from neutrality.
MACD exhibits the downtrend momentum of ZEC coin. The MACD line is about to cross the signal line downwards resulting in a negative crossover.
Conclusion
Zcash price is falling with a strong downtrend momentum over the daily chart. The token falters to gain support and is currently trading at $87. ZEC investors need to wait for any directional change over the chart. Technical Indicators suggest downtrend momentum of ZEC coin.
Technical Levels
Support Levels: $60.00
Resistance Levels: $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
