- ZEC is trading in a consolidation zone for a long period of time.
- The pair of ZEC/USDT is trading at the price level of $43.610 with a gain of 2.45% in the past 24 hours.
On a daily time frame, Zcash (ZEC) is trading in a consolidation zone. The downward trend of the token, bears driving down the price of the token came to a halt. The consolidation’s breakout in any direction will lead to a significant move; the longer the consolidation, the greater the breakout.
Zcash continues to trade in a range
For a long time, the token has been trading in a consolidation zone. According to the daily chart, ZEC token is currently trading at $43.610, up 2.45% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Token recently tried to break out of consolidation but was rejected at the resistance level and is now finding support near the 50 EMA.
Relative Strength Index: The asset’s RSI curve is currently trading at 53.44, indicating that it is in the overbought zone. The RSI curve has crossed below the 14 SMA, indicating bearishness. The RSI curve was trading at 70 when the token was trying to break out of the consolidation zone, but the rejection in the token’s price caused the RSI curve’s value to fall. If the token’s price continues to fall, the value of the RSI curve may fall even further.
Analyst view & Expectations
ZEC formed a strong bearish candle around the resistance level and is now taking support at the 50 EMA; if it can sustain above the 50 EMA, we may witness a bullish breakout shortly. Investors should wait for the token to break out of the consolidation to gain more insight on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to trade in the direction of the token’s breakout and book profits based on their risk-to-reward ratio.
According to our current Zcash price prediction, the value of Zcash will fall by -7.45% and hit $ 40.20 in the coming days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 51. (Neutral). Over the previous 30 days, Zcash had 18/30 (60%) green days and 6.14% price volatility. According to our Zcash forecast, now is not the time to buy Zcash.
Technical Levels
Major support: $37
Major resistance: $46.5
Conclusion
The token was rejected from the resistance level once more and is currently trading in a consolidation zone. Investors are advised not to buy now and to wait for a clear signal before acting.
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/2023/01/17/zec-price-analysis-token-faces-rejection-from-resistance-level-whats-next/