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Zcash Price Analysis: ZEC Coin Fallen Below an Interesting Pattern, What about Recovery?

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ZEC Price Prediction
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  • Zcash price falters to gain support as it has fallen below the rising parallel channel over the daily chart. 
  • ZEC crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of ZEC/BTC is at 0.002953 BTC with an intraday drop of 8.82%.

The price of Zcash has dropped below a daily ascending parallel channel. To surge back, ZEC currency has to draw in more customers. To prevent the token from plummeting significantly, ZEC bulls must step up. For the ZEC coin price to hold above $60.00, support must be built there. Investors in ZEC must watch the daily chart for any directional changes.

The current estimated price of ZEC is $64.28; over the past 24 hours, it has lost 15.53% of its market capitalization. However, there has been an 18.94% rise in trade volume. This suggests that buyers are attempting to build up their own holdings in order to track the ZEC coin’s recovery phase. Volume to market cap ratio is 0.1173.

Over the daily price chart, the ZEC coin price has dropped below the ascending parallel channel. To prevent a big decline across the daily price chart, the coin has to attract buyers. However, volume change is visible above normal and when bears are present. This shows that ZEC cryptocurrency is under pressure from short sellers on a daily basis. Meanwhile, ZEC crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.

What do Technical Indicators suggest about ZEC? 

The price of the ZEC currency has been fluctuating inside a rising parallel channel over the duration of the daily price chart. The token must move in the direction of the top trendline to break out of the rising pattern. Technical indications point to the ZEC coin’s downward trend momentum.

The Relative Strength Index shows the ZEC currency’s downward velocity. The RSI is nearly in oversold territory at 41. On the MACD, the ZEC currency is currently in a bearish rise. The MACD line is below the signal line after a negative crossover. ZEC investors ought to keep an eye on the daily chart for any changes in trend.

Conclusion

The price of Zcash has dropped below a daily ascending parallel channel. To surge back, ZEC currency has to draw in more customers. To prevent the token from plummeting significantly, ZEC bulls must step up. For the ZEC coin price to hold above $60.00, support must be built there. However, volume change is visible above normal and when bears are present. This shows that ZEC cryptocurrency is under pressure from short sellers on a daily basis. Technical indications point to the ZEC coin’s downward trend momentum. ZEC investors ought to keep an eye on the daily chart for any changes in trend.

Technical Levels

Support Levels: $60.00
Resistance Levels: $70.50

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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