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•ZEC/USD is currently priced at $37.80 and has increased by 0.06% over the past day
•The trading volumes have increased by 21.40% over the past day
•The technical indicators suggest a negative outlook for the near term
Short Term View: Is there a way out for the Zcash bulls?
The Zcash price today is $37.80 USD with a 24-hour trading volume of $43,218,351 USD. Zcash is up 0.06% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.07128 for the altcoin.
The mounting selling pressure has taken a toll on Zcash price which has led to the Zcash price coming dwindling down. The negative sentiment has led to the Zcash price to transact below the 20,50 SMA on the four hour chart. The move below the $30 support level will be a major dent to the bulls’ hopes of turning the tides in their favor. The bulls in turn, will hope to take advantage of a momentary lapse from the bears and charge forward towards the $40 resistance level.
Long Term View for Zcash price
The downward sloping graph of RSI paints a bearish picture for Zcash as it continues to descend due to the barrage of sellers coming into the market. The red histograms have been an ever present feature of the daily chart and depict the impending sensation very well. The MACD and signal lines on the other hand, are still transacting in the negative zone which comes as a big blow to the Zcash investors.
Conclusion
The negative sentiment has been building up in Zcash for quite some time but the bulls haven’t been able to evade their grasp. The downtrend is likely to continue over the coming days as the asset struggles to catch a break.
Support: $30-$25
Resistance: $40-$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.
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.
