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- 1 Zcash price prediction suggests a short-term pullback is possible till it holds $24 support.
- 2 ZEC Price drops below the 50-day EMA showcase downtrend.
- 3 Zcash crypto price is trading near the long-term demand zone.
Zcash price prediction suggests a rise in the long run. It remains bullish till it holds the $24.00 support. Zcash price is stuck in the narrow range between $24.00 to $34.00. It seems like the price is consolidating for base formation.
Zcash Price is trading below the 200-day EMA showcase downtrend. Recently, the price also dropped below the 50-day EMA which invites further decline. At the beginning of July, ZEC’s price showed a sharp rise and attempted to break the $34.00 hurdle.
At the same time, buying volume also increased which created a positive hope for the long-term investors. Sadly, the attempt was not successful and buyers failed to give the follow-up momentum.
ZEC crypto price faced rejection from $34.00 and reverted in a downward direction. Later, the sell-off continued and the price dropped below $30.00 which hurt the sentiment of investors.
Zcash price is trading at $26.83 with an intraday rise of 1.01%. The 24-hour volume to market cap is 5.25%. The pair of ZEC/BTC is trading at 0.000946 with an intraday rise of 1.83%.
Will Zcash Price take a U-turn from the demand zone?
Zcash price prediction suggests a pullback rally is possible in the coming months. However, for the short term, the price looks mildly bearish and sellers seem more active as compared to buyers.
The overall crypto market is also turning bearish which might negatively impact the prices of other Altcoins. However, ZEC price is near to the crucial support and buyers are trying their best to rebound.
Till the ZEC price holds the $24.00 support the probability of bounce back remains high. But, the confidence of the investors will be visible when buyers are able to regain the $30.00 mark.
ZEC Price Analysis on Weekly Time Frame
ZEC price fell $10.66 in the current week and formed a bearish candle. The MACD curve displayed a negative crossover and the histogram bar is declining. It indicates prices are likely to trade with a mild bearish bias.
The RSI at 31 denotes weakness but prices are near to the oversold territory and short-term pullback may trigger anytime. The super trend shows that the price struggles to hold the buy line showcasing the strength of bulls.
Conclusion
Zcash price prediction suggests a rise and pullback rally is possible in the coming months. ZEC price is near the demand zone and the probability of bounce back remains high. However, the possibility of reaching $35.00 by August end is low.
Technical levels
- Resistance levels: $34.00 and $40.00
- Support levels: $24.00 and $23.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
