Zcash price analysis indicates that the prices are currently in a state to enter a bullish trend in the market. The bears are striving to break below the $88.5 support, but they are failing to do so. On the other hand, the bulls are trying to push the prices up but they are facing resistance at $90.5. A break above this level is required for the prices to enter a bullish trend in the market. The market is currently in a consolidation phase and it is likely to remain in this phase for a few more hours before a market trend is set.
Zcash price analysis indicates the prices have been trading in a range of $88.58 to $90.28 in the last 24 hours. The digital currency has had a trading volume of around $$77,181,765.80 and a market capitalization of $1,299,700,712.90.ZEC is currently ranked position 43 overall and dominates 0.11 percent of the cryptocurrency market. Zcash is exhibiting a bullish bias trend in the market as the prices have surged by only 0.06 percent in the last 24 hours. The digital currency is currently trading at $89.38 and is expected to enter a bullish trend if it breaks above the $90.5 resistance level.
Zcash price analysis on a daily chart: Resistance at $90.5 limits upward movement
Zec price analysis indicates that ZEC/USD, prices have been consolidating around the $89.56 level in the past few hours. The market is in a consolidation phase as it is neither bearish nor bullish at the moment. The MACD line is above the signal line, indicating a bullish trend in the market. The RSI is currently at the 50 level, which indicates that the market is neither overbought nor oversold.
The moving averages are all pointing upwards, indicating a bullish trend in the market. The market volatility is currently high as the Bollinger bands are seen to be starting to widen. The market is likely to see some more buying activity in the next few hours as the prices are expected to move up towards the $90.5 resistance level. A break above this level is required for the prices to enter a bullish trend in the market.
Zcash price action on a 4-hour price chart: Prices consolidate around $89.56
Zcash price analysis indicates shows the bulls have been pushing the prices to break the $90.5 resistance level but have been unsuccessful as of now. The prices are currently in a consolidation phase around the $89.56 level and it is likely to remain in this phase for a few more hours before a market trend is set.
The MACD line is currently above the signal line, indicating a bullish trend in the market. The 50-day moving average is currently at $89.43 and the 200-day moving average is at $87.77, indicating a bullish trend in the market. The RSI is currently at 58.42, which indicates that the market is neither overbought nor oversold.
The Bollinger bands are seen to be contracting, indicating low volatility in the market. The prices are expected to move up towards the $90.5 resistance level in the next few hours as the bulls gain strength.
Zcash price analysis conclusion
Zcash price analysis indicates that the prices are currently in a state of consolidation around the $89.56 level. The market is likely to see some more buying activity in the next few hours as the prices are expected to move up towards the $90.5 resistance level. The bulls have defended the $88.58 support level well and are currently trying to push the prices up towards the $90.5 resistance level. A break above this level is required for the prices to enter a bullish trend in the market.
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Source: https://www.cryptopolitan.com/zcash-price-analysis-2022-06-05/