•ZEC/USD is currently priced at $36.32 and has decreased by 12.80% over the past day
•The trading volumes have decreased by 8.96% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Zcash Price continues on its descending path
The Zcash price today is $36.32 USD with a 24-hour trading volume of $93,150,142 USD. Zcash is down 12.80% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.1637 for the altcoin.
The Zcash bears are running rampant in the market which has pushed the bulls on the edge. The price action of the past few days has pushed the Zcash price below the 20,50 SMA on the four hour chart. If the bears continue pushing their foot down the gas pedal, it won’t be long before the asset slips below the $35 support level. On the flip side, the resistance for the Zcash is placed at $40 in the event of a shift in fortunes. However, the possibilities of the said scenario playing out appear very slim as the bulls are showing no signs of improvement.
Long Term View for Zcash Price
Zcash has been on a steady decline ever since the start of the month as the bullish endeavors have been quelled by the bears. The red histograms have been increasing in size on the daily chart whereas the MACD and signal lines have also wilted under the bearish channel as they transact deep into the negative territory. The RSI, as well, offers no respite to the investors as it transacts deep into the oversold territory, currently placed at 26.29.
Conclusion
Zcash price has been in a protracted downtrend and the bulls have been unable to turn the tides. The technical indicators suggest that the altcoin is likely to continue falling in the days ahead.
Support: $35-$32
Resistance: $38-$40
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/2022/11/10/zec-price-analysis-zcash-in-jeopardy-as-bulls-falter-in-the-face-of-adversity/