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- ZCash price is trading inside a symmetrical triangle 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 0.002981 BTC with an intraday gain of 1.40%.
Zcash price is trading with a strong downtrend momentum over the daily chart. ZEC is trading bearish inside a symmetrical triangle pattern, and right now, the token is in a crucial make-or-break situation. It must sustain at the lower trendline to get up over the chart. However, it looks like ZEC might face some more correction as Bitcoin is below $30000, and other altcoins may also rally bearishly over the chart. ZEC must attract more buyers to register its breakout from the symmetrical triangle pattern. The crypto asset fell below 20, 50, 100, and 200-days Daily Moving Average and is now faltering at the lower trendline ZEC must adapt to uptrend momentum to avoid being caught in a rigorous selling pressure.
Zcash price is presently CMP at $89 and has lost 4.53% of its market capitalization in the last 24-hour period. Trading volume has decreased by 4.30% in the intraday trading session. This shows that ZEC is experiencing short-selling pressure at the moment. Volume to market cap ratio is 0.1043.
ZEC coin price is trading with downtrend momentum over the daily chart. The token is trading inside a symmetrical triangle pattern over the chart. However, ZEC must sustain at the lower trendline to register its breakout; otherwise, it may break down due to the ongoing bear market crisis. ZEC investors need to wait for any directional change over the chart. Meanwhile, volume change can be seen below average and needs to grow for ZEC to sustain above the triangle pattern.
Support on the lower end is at $82, and resistance on the higher side is at $100.
Long Term View
As soon as this bear market is over, ZEC may recover to the two most important levels as signaled by Fib Retracement. Fib Retracement shows $184 and $256 respective levels to be attained by ZEC soon. Zcash price may attain these levels by accumulating more buyers and by forecasting its potential to the investors. ZEC has been a great investment until now, as some prominent technical analysts proclaimed, and it won’t let down its investors ever.
ZEC Bulls: Sustain or get Detained
Zcash price is trading inside a symmetrical triangle pattern over the daily chart. The token is trying to escape the pattern but it looks like that ZEC may fall below the pattern registering its breakdown. Now ZEC bulls need to accumulate themselves to save the token from slippage. Technical indicators forecast the downtrend momentum of ZEC. Moreover, supertrend showcases the bearish momentum of Zcash coin price.
Relative Strength Index signifies that ZEC is returning from neutrality. MACD exhibits the consolidation phase of ZEC inside the symmetrical triangle pattern. However, the MACD line is ahead of the signal line and is preparing for a negative crossover. ZEC investors need to wait for any directional change over the daily chart as ZEC token is facing a crucial make-or-break situation.
ConclusIon
Zcash price is trading with a strong downtrend momentum over the daily chart. ZEC is trading bearish inside a symmetrical triangle pattern and right now the token is into a crucial make-or-break situation. Technical indicators forecast the downtrend momentum of ZEC. ZEC investors need to wait for any directional change over the daily chart as ZEC token is facing a crucial make-or-break situation.
Technical Levels
Support Level: $82
Resistance Level: $100
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.
