•ZEC/USD is currently priced at $45.48 and has decreased by 0.95% over the past day
•The trading volumes have increased by 34.67% over the past day
•The technical indicators suggest a neutral outlook for the near term
Short Term View: Will the Zcash bulls be able to stand firm in the face of onslaught?
The Zcash price today is $45.48 USD with a 24-hour trading volume of $31,109,669 USD. Zcash is down 0.95% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.04323 for the altcoin.
Zcash ha steadily been climbing through the ranks over the past month but tye past few days has experienced dodgy price action. This has resulted in Zcash price moving below the 50 SMA on the four hour chart, although it is still transacting above the 20 SMA. The responsibility to recover rests solely in the hands of the bulls now and they will be looking to launch an offensive towards the all important $50 resistance level. The support is placed at $40 in the event of the bears taking over the market in the coming days.
Long Term View for Zcash Price
Zcash bulls have held up their end of the bargain which is demonstrated by the continued presence of the green histograms on the daily chart. The MACD and signal lines have ventured into the positive territory as well, which suits the Theta bulls just as well. The RSI is currently transacting at 54.24 but a move below the halfway mark would signal the return of sellers in the market. Thus, the bulls need to be vigilant as the threat of bears looms large around the altcoin.
Conclusion
Although Zcash has demonstrated admirable resilience over the past few weeks, there still remains a defensive skittishness to the altcoin which the bears have noticed. The coming days could well provide us with an insight into the future course of the coin.
Support: $40
Resistance: $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.
Source: https://www.thecoinrepublic.com/2022/12/14/zec-price-analysis-zcash-bulls-trying-to-show-their-prowess/