Follow Us

Zcash Price Analysis: Bearish Dominance is Back, Investors Need to Have Patience.

Share on facebook
Share on twitter
Share on linkedin

Share

Share on facebook
Share on twitter
Share on linkedin
  • 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.

ALSO READ: Is Jed McCaleb’s Share Of XRP Soon Going To End After 8-year-long dumping?

Latest posts by Andrew Smith (see all)

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Rated Cryptocurrency Exchange

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00