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•ZEC/USD is currently priced at $64.42 and has decreased by 1.21% over the past day
•The trading volumes have decreased by 18.03% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Zcash Price surges ahead with purpose
The Zcash price today is $64.42 USD with a 24-hour trading volume of $61,556,978 USD. Zcash is down 1.21% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.0627 for the altcoin.
Zcash has been under intense selling pressure over the past few weeks but the asset showed some signs of recovery on Saturday which has scaled up aggressively since then. Zcash Price is currently transacting above the 20,50 SMA on the four hour chart, which is a clear demonstration of the strong uptrend at play in the market. If the bulls are able to sustain the tempo, then a move past the $67 resistance level could be on the cards for the altcoin. On the other hand, a move below the $60 support level would initiate a fresh round of losses for the altcoin.
Long Term View for Zcash Price
This optimistic outlook for Zcash is supported by the upward movement of the Stochastic RSI which is currently transacting at 50.93 after it moved above the halfway mark. In addition, the Moving Average Convergence Divergence (MACD) indicator has begun facing upwards which shows that the market is reversing in favour of the upside. The green histograms are gradually increasing in size on the daily chart and Zcash’s upward momentum would gain more traction once the MACD crosses the zero line into the positive region.
Conclusion
The technical indicators for Zcash Price paint a rosy picture for the near term. A bullish crossover occurred on the daily chart two days ago and the upward momentum is only likely to gain more traction in the days ahead with an influx of buyers.
Support: $60
Resistance: $67
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.
