ZEC flares a bear flag- Might return empty hand this week too

The past week’s performance was tragic, as the price marked a downtrend.
The price remains where it was, around $41.
The curing phase has begun as buyers are more active.

The market of Zcash was quite down the past week with a sharp drop in the price and no damage control in action. After all the turmoil in the crypto-verse, all are trying to gather the bits and pieces and return to normal situations. With market capital increasing by 6% and reaching $650 million and trading volume rising by 33.03%, amounting to $58.7 million, ZEC might have started the cure journey but need to prepare for what’s about to come next.

The char-t-ale

The price chart shows a bearish flag, marked in white, which indicates it may go further below soon. Although the price might show a glimmer of an uptrend, it may not be there to stay. The volume of sales and purchases is very high, and both are trying to take over the market. The BB bands diverge in a convex manner, indicating possible future shrink.

The CMF indicator turns green concerning the ongoing smirk of the uptrend. The RSI nose-dived into the bearish territory with a short trip to the oversold zone. It may move beyond the 50-mark line. The MACD indicator shows a full-on bear mode, with the MACD line below the signal line and bulk sell-offs, indicating the negative sentiments in the growth among market situations. It may move slightly closer to convergence .

A closer window

The flag continues to be formed and may extend a little longer. The MACD indicator turned bullish after crossing over the signal line and with bulk purchases. The RSI indicator reaches the 50-60 zone, escalating upwards, and may even become overbought. The ongoing trend may pursue for some time before turning bearish again and may even happen with double force.

Conclusion

The trends are quite eloquent in describing the current crypto market environment. It seems clear that the market is exhausted; sellers have sold out after the FTX crash, and buyers are mostly fearful and stick to wait-and-see tactics.

Technical levels

Support levels: $35 and $34

Resistance level: $53.5 and $57

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