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- The ZEC price is at a strong downtrend movement across all time horizons. Calling bulls to rescue the coin.
- The crypto asset is moving below the 20, 50, 100 and 200 daily moving average.
- The ZEC/BTC pair is at 0.002748 BTC with a loss of 5.01% in it.
The ZEC price after a small recovery is now again trapped in a bearish dominance over the daily chart. This means the bears have once again established dominance over the market so by increase in selling volume the bears are making the ZEC price drop. The coin needs to attract buyers in order to counteract the selling volume and rescue the coin as the price fell 9 percent in just 3 days. ZEC investors are facing huge losses as the price is moving near its all time low, the investors need to wait before making any move as the coin is very potent and will definitely give profits in future. The price is moving considerably low below the exponential moving average.
The current price for one ZEC coin is trading at $56.21 with a loss of 3.40% in its market capitalization in the last 24 hrs. The coin has a volume of 71 million with a gain of merely 0.17% in the 24 hrs trading session and market cap of 825 million which is at a loss of 3.73% in it. The volume market cap ratio is 0.08658.
Short-term Analysis
While analyzing the graph for a short term (4 hrs) we can observe a strong downtrend movement amid the bearish pressure. Bulls are trying to reverse the trend but this time it is not their cup of tea. The MACD indicator is bending over the bearish dominance this time as the MACD line is moving below the MACD signal line and the gap is getting broader again. Whereas the volume is moving below the average. The relative strength index is indicating the continuous increase in selling volume and the price is now oversold. The RSI volume is below the 30.
Conclusion
The ZEC price after a small recovery is now again trapped in a bearish dominance across the all time horizon. ZEC investors are facing huge losses as the price is moving near its all time low, the investors need to wait before making any move. The technical indicator indicates a bearish rally further but as the RSI is showing an oversold the investors may find this a good opportunity and the price may rise as a demand zone is about to create.
Technical levels
Resistance levels:$64 and $70
Support levels: $50 and $44
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.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
