Zcash Price Analysis: ZEC Crypto Stuck Inside the Range, What about Its Recovery?

• Zcash price has been consolidating inside the range over the daily price chart.
• ZEC crypto has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
• The pair of ZEC/BTC is at 0.002936 BTC with an intraday drop of 2.84%.

As Zcash pricing has attempted to leave the consolidation phase, bulls have regularly failed to hold gains at the threshold of the phase. Positive comments on ZEC show that they are now concentrating on proving the token’s separation from the horizontal range. However, the token’s cost has remained constant between $51.00 and $70.00. The price of ZEC is currently moving into the upper range of the consolidation period while in a robust uptrend. To allow the token to move above the caged area, ZEC bulls must maintain their position at the trendline.

Right now, ZEC’s expected price is $58.33; on the previous day, its market capitalization fell by 4.53%. In the interim, trading volume has declined by 39.41%. This demonstrates that buyers are attempting to grow their own holdings in order to track the ZEC coin’s recovery process. The volume to market cap ratio is 0.05114.

On the daily price chart, ZEC is increasing in price as it approaches the upper trendline of the consolidation phase. To see the breakout of the token, bulls must gather at ZEC. Bears, however, could halt the ZEC coin’s upward momentum at any time because volume signals that the rate of accumulation is constrained. If bulls in ZEC wish to avoid falling into any bearish traps, they must quickly accumulate.

What do Technical Indicators suggest about ZEC?

On the daily chart, the ZEC coin price is attempting to hold at the present level during the consolidation phase. Technical cues indicate that the upward trend of the ZEC currency is accelerating.

The ZEC currency’s sideways movement is indicated by the relative strength indicator. At 42, the RSI remains unchanged below neutrality. The MACD displays the ZEC currency’s downward velocity. The MACD and signal lines are on the verge of crossing adversely. ZEC investors need to monitor the daily chart for any shifts in trends.

Conclusion

As Zcash pricing has attempted to leave the consolidation phase, bulls have regularly failed to hold gains at the threshold of the phase. Positive comments on ZEC show that they are now concentrating on proving the token’s separation from the horizontal range. However, the token’s cost has remained constant between $51.00 and $70.00. The price of ZEC is currently moving into the upper range of the consolidation period while in a robust uptrend. If bulls in ZEC wish to avoid falling into any bearish traps, they must quickly accumulate. Technical cues indicate that the upward trend of the ZEC currency is accelerating. ZEC investors need to monitor the daily chart for any shifts in trends.

Technical Levels

Support Levels: $57.00 and $51.00

Resistance Levels: $62.00 and $70.00

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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.  

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)