- After meandering long and sideways, ZEC is currently advancing in gentle waves of an uptrend over the daily price chart.
- The crypto asset is trading above the 20 days moving average and is about to approach the 50 days.
- The ZEC/BTC pair is at 0.002758 BTC with a gain of 3.07%.
ZEC after moving long for sideways is now at slow waves of uptrend movement over the daily price chart. This signifies the bears are interrupting between the bulls efforts for recovery, this is so as the market appears to be bearish for now. So the coin needs to attract more buyers to overcome this bearish barrier for a successful recovery.
To fight for dominance the ZEC bulls need to focus on the sinking trade volume which in turn will pump the price, as the current recovery is very insignificant. Analysts believe based on previous data, the coin can make a recovery if the bulls come over to support the price before it’s too late.
The current price for one ZEC coin is trading at 62.94 which is at an insignificant gain of 0.60% in its market capitalization in the last 24 hrs. The coin has a trading volume of 68 million which is at a loss of 6.83% in the 24 hrs trading session and has a market cap of 945 million. The volume market cap ratio is 0.07236.
Short-term Analysis for ZEC
A good uptrend movement can be observed over the short term frame showing the accumulation of bulls. Now the thing required is consistency.
The MACD over the hourly chart is showing the MACD line is moving above the MACD signal line along with the histograms growing green, this can give a calming breath to the investors. The relative strength index supporting the above is climbing and the current value is above 50. Whereas the bollinger band cloud is moving neutrally but the price is approaching for a cross over the upper band of the cloud. The investors need to be ready as the bears can bounce back anytime.
Conclusion
ZEC after moving long for sideways is now at slow waves of uptrend movement over the daily price chart. To overcome this barrier the coin needs to attract more buyers. Watching the coins potential analysts believe the coin can do wonders with considerable support. Short term analysis shows the uptrend movement with the support of buyers.
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.
Resistance levels: $70 and $98
Support levels: $54.30 and $49.6
Source: https://www.thecoinrepublic.com/2022/08/07/zcash-price-analysis-zec-bulls-are-struggling-for-a-recovery/