- The Zcash coin is trading into the horizontal range between $50 to $70.
- The ZEC coin seems to be slightly bullish for the past 4 days.
- The trading volume declined by 17% over the last night.
This week appears to be good for Zcash coin. Many alternative coins have recovered and gained around 30% in the recent weeks after experiencing a sharp decline. The Zcash coin continues to bounce into the horizontal band between $50 and $70 support to resistance despite the stability of the cryptocurrency market.
The ZEC currency is currently trading at $68.5, with a little decline during the intraday trading session. The recent rally may be the result of purchasers spotting a long-legged-doji candle under the daily price scale on August 3. Price activity points to the creation of higher-lows.
The ZEC coin is observing near the upper resistance level of horizontal range due to an uptrend. But the trading volume drops down nowadays. As a result, Speculators saw a decline of 17% over the last night.
The market cap of ZEC coin is in the green zone by 1.5% in the last 24 hours, which led it above $1 Billion worth. Thus, the Zcash coin belonging to Bitcoin is bullish by 1.6% at 0.002976 Satoshis at the time.
The Range-bound Market May Break Soon
Now bulls feel safe as the ZEC price is remaining above the 20 and 50 day moving average in terms of the daily price scale. If buyers break this horizontal range to the upside, then 100-DMA may act as a resistance.
Although, the RSI indicator is favoring buyers to invest in ZEC crypto for next few days. Similarly, the MACD attempts to move into the positive region on the daily price scale.
Conclusion
The Zcash coin is trading near the resistance of the horizontal range. Meanwhile, RSI shows an uptrend for the asset but still, buyers are not so active in reclaiming the coin. Or, If buyers break this horizontal range to the upside, then 100-DMA may act as a resistance.
support level- $52 and $40
Resistance level- $80 and $100
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/2022/08/06/zcash-price-analysis-heres-why-zec-buyers-fail-to-break-horizontal-range/