- Zcash price has been bullish but it seems that the cryptocurrency is missing the bulls grip over the token.
- ZEC crypto is still trading below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of ZEC/BTC is at 0.003038 BTC with an intraday gain of 2.79%.
Zcash’s price has fallen beneath a daily climbing parallel channel. ZEC currency has to attract more users if it is to recover. ZEC bulls need to step up to stop the token from falling further. Support needs to be established there for the ZEC coin price to remain above $60.00. Investors in ZEC need to keep an eye on the daily chart for any changes in trend.
ZEC’s projected price right now is $64.70; in the last day, its market capitalization has increased by 2.91%. The amount of trade has increased by 12.69% in the meantime. This shows that buyers are making an effort to increase their own holdings in order to follow the ZEC coin’s recovery stage. Volume to market cap ratio is 0.0792.
The price of the ZEC currency has fallen below the ascending parallel channel on the daily price chart. The coin needs to draw buyers in order to avoid a sharp decrease throughout the daily price chart. However, when bears are present and above usual, volume change is obvious. This demonstrates that short sellers are exerting daily pressure on the ZEC coin. In the meantime, ZEC’s daily moving average for 20, 50, 100, and 200 days has been breached.
What do Technical Indicators suggest about ZEC?
Over the course of the daily price chart, the value of the ZEC currency has been varying inside a rising parallel channel. To exit the rising pattern, the token needs to move in the direction of the top trendline. The momentum of the ZEC coin’s downward trend is shown by technical indicators.
The relative strength index (RSI) displays the ZEC’s currency’s depreciation rate. At 43, the RSI is almost in oversold territory. The ZEC currency is presently rising bearishly on the MACD. After a negative crossover, the MACD line is lower than the signal line. Investors in ZEC should monitor the daily chart for any shifts in trend.
Conclusion
Zcash’s price has fallen beneath a daily climbing parallel channel. ZEC currency has to attract more users if it is to recover. ZEC bulls need to step up to stop the token from falling further. Support needs to be established there for the ZEC coin price to remain above $60.00. However, when bears are present and above usual, volume change is obvious. This demonstrates that short sellers are exerting daily pressure on the ZEC coin. After a negative crossover, the MACD line is lower than the signal line. Investors in ZEC should monitor the daily chart for any shifts in trend.
Technical Levels
Support Levels: $60.00
Resistance Levels: $70.50
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/2022/08/23/zcash-price-analysis-what-signals-the-reverse-of-trend-for-zec-crypto-watch-closely-the-chart/