ZEC Price Analysis: Token falls as bears denies bulls dominance

The token has crossed below the 50 EMA on the daily time frame.
The pair of ZEC/USDT is trading at the price level of $43.37 with a decrease of -2.01% in the past 24 hours.

The Zcash (ZEC) token’s long-term downtrend continued as bears pushed the price of the token lower, forming lower highs and lower lows on the daily chart. The bulls are unable to sustain their highs and are being rejected.

Zcash token on the daily chart

The token was rejected after failing to break over the $49.63 resistance level, forming a strong bearish candle on the daily time frame. According to the daily chart, ZEC token is currently trading at $43.37, down -2.01% in the last 24 hours. The token is trading below its key Moving Averages of 50 and 200 EMAs. (Red line is 50 EMA and the blue line is 200 EMA). After being rejected by the resistance level, the token has moved to the consolidation zone.

Relative Strength Index: The asset’s RSI curve is currently trading at 45.08, having crossed below the halfway mark of the 50 point line. The RSI curve’s value has decreased as the token’s price has fallen in recent days. The RSI curve has crossed below the 14 SMA, indicating bearishness. If the bulls are not able to hold the bears and the token’s price continues to fall the value of the RSI curve will fall even further.

Analyst view & Expectations

The token has fallen below the 50 EMA, forming a strong bearish candle, indicating that the token’s downtrend will continue in the coming days. Investors are advised to hold their buys and wait for the token to give a clear buy indication before investing. Intraday traders, on the other hand, have a good opportunity to go short and book profits based on their risk to reward ratio.

According to our current Zcash price forecast, the value of Zcash will climb by 9.07% to $ 48.44 in the next few days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 56. (Greed). Over the previous 30 days, Zcash had 17/30 (57%) green days and 3.85% price volatility. According to our Zcash forecast, now is not the time to buy Zcash.

Technical Levels

Major support: $42.50

Major resistance: $45.89 & 50 EMA on the daily chart.

Conclusion

The bulls tried to gain traction in order to reverse the trend, but were defeated by the bears, and rejected all of their highs. According to the price action, the bears have taken command of the trend and are forming a bearish chart pattern. Before investing, investors should wait for a clear indication.

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.