ZEC Price Analysis: Will bulls be able to hold above 50 EMA now that the token has crossed above it?

Token has shown bullish actions in previous sessions.
The pair of ZEC/USDT is trading at the price level of $42.719 with a decrease of -2.76% in the past 24 hours.
Token forms a strong bearish candle above 50 EMA.

Zcash (ZEC) has been in a long term downtrend, with bears pushing the price of the token lower, forming lower highs and lower lows. On a daily time frame, ZEC has slipped below the demand zone and is consolidating below it.

ZEC on the daily chart

For the time being, ZEC is consolidating in its range. As we can see on the daily chart, token is currently trading at $42.719 with a loss of -2.76% in the past 24 hours. It is trading between its key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Token has consistently encountered resistance at the 50 EMA, and recently, the token was able to cross the 50 EMA and gave closing above it.

Relative Strength Index: RSI curve of the asset is currently trading at 55.16 is heading downward toward the halfway mark of 50 point as a strong bearish candle is forming above the 50 EMA. If the token fails to hold above the 50 EMA and continues to fall, the value of the RSI curve will fall even further.

Analyst view & Expectations

Token is trying to hold above the 50 EMA, but bears are battling it out. Investors are recommended to wait rather than buy now, as the token has crossed the 50 EMA but is still consolidating. Investors can buy after it breaks through the $46.5 resistance mark. Intraday traders, on the other hand, have a good opportunity to trade when the consolidation breaks.

According to our current Zcash price projection, the value of Zcash will fall by -9.01% and hit $ 38.84 in the coming days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 26. (Fear). Over the previous 30 days, Zcash had 18/30 (60%) green days and 6.57% price volatility. According to our Zcash forecast, now is not the time to buy Zcash.

Technical Levels

Major support: $34.94 & $37

Major resistance: $46.5 & $49.6

Conclusion

On a daily time frame, the token continues to consolidate below the demand zone. The bears are rejecting all of the bulls’ highs. Investors should wait for a clear indication 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.