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- 1 The current price of ZEC is $33.26 with a change in 24-hour trading volume of 14%.
- 2 ZEC price is making a bullish Morning Star Pattern
Zcash(ZEC) price has observed severe selling pressure over the past few months. After gaining support from $35 near last November the price made multiple attempts to breach its crucial 200 EMA resistance though it was proven to be futile. Presently it is taking support from a previous demand zone making a double-bottom pattern. This suggests that it can make another retest with a positive morning star candlestick price pattern.
The Oscillators are projecting a bearish outlook at present on the daily timeframe. Stochastic and RSI lines are steadily reaching their nearest resistance zone and as they both follow the price closely there is a strong probability of a negative reversal.
The current price of ZEC is $33.26 with a change in 24-hour trading volume of 14%. Zcash is up 0.32% in the last 24 hours.
ZEC Price Gearing up for a Rally
Investors are exhibiting an increase in negative sentiments regarding the ZCash token, there is an increase of 43.68% in the total bearish views of the buyers as per the metrics provided by LunarCrush.
There is also a significant rise in the Reddit volume of the token which suggests the community is getting more active signifying an increase in the interest of potential buyers.
Technical Analysis ( 1 Day Timeframe )
Zcash is currently in a downtrend trading below the 20,50,100 and 200 EMA. The bullish morning star candlestick pattern suggests that the price may attempt a recovery before continuing the downtrend trend.
The ZEC price is taking support from the price of $30.00, its next support level is around the price of $27.00. Its nearest target is 10% above the current price around the level of $36.00, whereas the main resistance for the ZEC price is 12% above the present price at a level of $38.00.
The RSI line is making a rebound from the oversold level below the median line around point 47.19. The positive RSI curve is suggesting that the RSI line might start moving toward the supply zone. The 14 SMA is near the oversold level at
38.15 points providing support to the RSI line.
Conclusion
The ZEC price is currently trading under the 200 EMA and major key averages. The Oscillators are projecting a bearish outlook. It is clear from the analysis that the bears are currently dominating the market.
Technical levels –
Support – $30.00
Resistance – $36.00 and $38.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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