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Zcash (ZEC) Coin Price Exposed For Negative Breakout Below $100

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  • Zcash coin price might have degenerated its sustainability above the bullish regime of $110
  • The ZEC/BTC pair has also turned negative with a loss of -0.12% bringing the current level to 0.002839 BTC 
Source: Coinmarketcap

The intraday performance of Zcash coin price highlights the resistance faced at the price level of $105.00 on a daily timeframe resulting in a negative performance of 0.50% during the current market session. Zcash price already faced a negative breakout below the crucial mark of $100 during the day registering a 24h-Low at $99.07 but was quick enough to bounce back. The CMP is placed at $103.40 bringing the market capitalization to $1,123,798,020 resulting in a minor decline of 0.30%. The 24-hour volume traded has reached $1,328,127,681 causing a major decline of 20.51%

Zcash Chart Retracing From Bullish Regime Forming Falling Channel Pattern

Source: Tradingview

The technical chart of Zcash price highlights the significant retracement faced by the price levels after testing the critical resistance level of $120.00. The price levels have now formed a falling channel pattern with a support line placed at 0.382fib level. For a positive bounceback, the levels must have a positive breakout above 0.236fib level and sustain at the same time. On the contrary, a negative breakout below 0.382fib level can be a bearish indication for the upcoming trading sessions. 

RSI (NEUTRAL): The levels have avoided multiple negative dips towards the oversold region majorly with the help of support placed at $100.00 and $98.00, respectively. The current level stands at 50.64 while showcasing positive nature on the chart. 

MACD (BULLISH): The levels have formed a bullish crossover while the histogram has started to form green candles on the line. 

DMI (BULLISH): +DI is still moving strong and well above ADX and -DI, respectively. A positive crossover of ADX against -DI might be an entry point for the bulls. 

Resistance Level: $105.00, $110.00 & $120.00

Support Level: $100.00 

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