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- 1 Zcash is trading at $31.85 while seeing a 5.65% rise in the 24-hour trading volume (press time).
- 2 The Zcash price recorded a 5.32% increase in the last 7 days.
Zcash price prediction suggests that the Zcash token is presently moving in the descending channel on the one day chart. The price has been respecting the channel for the past 7 months. Presently, it is facing increased selling pressure in the supply zone and may take a bearish turn in the near future. The present opportunity is ideal for position and swing traders as the price is giving consistent movements on the longer timeframe.
The technical indicators in the majority project a bearish outlook suggesting that bears may maintain their grasp over the price until the price finds considerable support from the buyers. It is moving in a descending channel while taking constant retests from the 200 EMA. Investors might prefer to wait for an engulfing red candle before entering the market.
The present value of Zcash is $31.85 and it has a market capitalization of around $520.91 Million (press time).
Hype in Social Engagement Levels: ZcashToken
The social engagement level of lunar crush is indicating that Zcash is seeing a decline in the engagement levels of the community across various social media platforms.
The total bullish sentiment metric fell by 97.95%, and a fall of 95.96% was observed in the total social engagement level. There is a slight peak in the 24h volume suggestive of the rise in trading activity among buyers and sellers.
Significant Hike in Greed Sentiment of Investors
Investor sentiments concerning the overall cryptocurrency market have surged slightly after moving near the neutral zone. The current value of the sentiment index is 56 points above the neutral zone. It is seeing a rise of 6 points as per the Alternative(dot)me platform.
ZcashPrice Prediction: Technical Analysis on Daily Timeframe
The relative strength index (RSI) line is moving above the median line. The present value of the RSI is 55.25 points and the value of the 14-day SMA is 51.20 points. The RSI line may take a bearish reversal.
At present, the stochastic RSI is advancing towards the demand zone and the value of the stochastic RSI is 47.76 points. The %K and %D are entangled with each other.
Conclusion
As per the analysis, the Zcash price is moving in the supply zone of the market structure and the oscillators are closing in on the demand zone. Therefore, price action indicates there is a substantial possibility of a correction being made in the near future. Investor sentiments concerning the overall cryptocurrency market have surged slightly.
Technical Levels:
Support –$20.00
Resistance – $40.00
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
