- The bulls attempted to push the price for a breakthrough while trading in a consolidating phase, but the bears again blocked the breakout over the daily price chart.
- The technical indicators appear to bend over the side of bulls over the hourly price chart.
- The ZEC/BTC pair is at 0.003126 BTC which is an insignificant loss of 0.54%.
Trading inside a consolidating phase the bulls pushed the price for a breakout, which was again interrupted by the bears over the daily price chart. But now following the leader cryptocurrency, Bitcoin the candle is back on a green move and this uplift is a good opportunity for the coin to accumulate bulls and dominate the market by their consistent efforts.
The thing which needs to be focused on, by both investors and the bulls is the trading volume of the coin which is at a considerable loss of 10%. If ZEC bulls make it heal, then this recovery can become a continuous one which is highly required to prevent a collapse, as the price is moving near its all time low. This movement can be a good opportunity for the ones who wanna enter the market.
The current price for one ZEC coin is trading at $77.23 which is at an insignificant gain of 0.23% in its market capitalization in the last 24 hrs. The coin has a trading volume of 74 million with a considerable loss of 10.23% in the 24 hrs trading session and has a market cap of 1.1 billion. The volume market cap ratio is 0.06468.
Short-term View for ZEC
An uptrend movement can be observed while analyzing the short term (4 hrs) price chart and to continue this movement the needs to attract more buyers or else the bears can take over the dominance.
The MACD indicator shows the sellers signal line is moving above the buyers line but the histograms are shrinking as the buyers are accumulating to support the dropping price. The relative strength index supporting the above is moving toward the upper region. The RSI value is above 50.
Conclusion
Trading inside a consolidating phase the bulls pushed the price for a breakout, which was again interrupted by the bears over the daily price chart. The thing which needs to be focused on, by both investors and the bulls is the trading volume of the coin which is at a considerable loss of 10%. The technical indicators over the hourly chart bend over the bulls this time. So this movement can be a good opportunity for the ones who wanna enter the market.
Technical levels
Resistance levels: $82.63 and $99
Support levels: $66.70 and $51.19
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/2022/08/14/zcash-price-analysis-interrupting-bears-bothering-zec-investors/