Zcash price is down by 15% on a monthly basis and is trading below the lower range support of $40.00 indicating a strong bear grip. Recently, ZEC price hit a fresh 52 week low which created a concern for the long term investors. However, ZEC price recovered 23% approx from the low. Still, prices seem to be lacking momentum at higher levels.
Zcash price is currently trading at $36.5 with an intraday gains of 1.11% and 24 hour volume to market cap ratio at 0.1118. The pair of ZEC/BTC is trading at $0.001473 with an intraday gain of 0.41%. From the past couple of months, ZEC price has been consolidating in the range between $40.00 to $50.00 with a bearish bias. Moreover, bulls have tried multiple times to break out of the higher range but got rejected and slipped below the 50 day EMA. Later, the overall market sentiment also turned bearish which negatively impacted Zcash and prices began to expand downside. In the beginning of March, Zcash price broke the lower range with a higher volume and prices declined, forming lower-low candles.
Will Zcash Price Bounce Back Again?
Zcash price hit a 52-week low at $29.7 and closed the session while forming a bullish hammer candle. Later, the overall market improved and ZEC price also took U- turn shows $29.7 will now act as a strong support level in the coming days. On the other hand, if ZEC price drops below the support level, then the bears may try to pull it down toward the $25.00 level.
Zcash price had shown a decent bounce and heading upward but the prices seem to be still in the bear grip and $40 might act as an immediate hurdle in coming days. The technical analysis suggests that the ZEC price will gain momentum only above $40.00. Till then the prices are expected to consolidate in the range between $30.00 to 40.00. MACD generated a negative crossover but the curve is reversing upward denoting mild bullishness. RSI at 41 sloping sideways denotes a tug of war between bulls and bears.
Zcash price had not performed well in the past few months and it is trading below the 50- and 200-day EMA showcasing downtrend. Currently, ZEC price is recovering from the recent low but it seems to be lacking momentum and struggles to hold the gains. The technical analysis suggests that ZEC price is in the bear grip and is expected to consolidate in the range between $30.00 to $40.00.
Resistance levels : $40.00 and $50.00
Support levels : $32.00 and $29.70
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