- ZEC/USD trade has been basically featuring a line of lower lows in the market.
- Traders are now expected to watch out for a decent buy set-up around $60 and $40 price territories.
ZEC/USD Long-term Trend – Ranging
- Distribution territories: $80, $90, $100
- Accumulation territories: $50, $40, $30
The trade worth of ZEC/USD has been basically featuring a line of lower lows under the sell trend-line of the 14-day SMA in a range. On April 23, the pair started depreciating faintly from around a market value put at $70 mark to now hover around a low point at $60 rate.
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The cryptocurrency may still continue with its present choppy market movements till the next trading days in the week. Whilst that assumption comes to play, it would be very necessary to wait for strong price action to occur. Traders are expected to be on the lookout for a decent buy set-up around $60 and $40 price territories.
ZCASH Price Prediction: Long-term (ZEC) Value Forecast – June 16
- The journey to the north may be sustained with strong bullish pressure.
- $100.00 in the supply is the bulls first target in the long-term.
ZEC/USD Long-term Trend: Bullish
Supply zone: $120.00, $140.00, $160. 00
Demand zone: $50.00, $40.00, $30.00
The cryptocurrency is a bullish trend in the long-term outlook. $75.49 in the demand area was the point of further rejection of downward price movement at the trendline. The presence of wicks around the trendline and the formation of the bullish candle signaled the bulls returned. ZECUSD rose to $85.00 above the 10-EMA.
Further confirmation of the market under the bulls control occurred with the large candle of 12th June. Price rose initially to $92.53 and later to $95.99, the high of the week.
The stochastic oscillator signal points up at 83% in the overbought region as the new week began on a bullish note. This is coupled with price above the two EMAs that are fanned apart. These suggest a bullish continuation in the long-term.
The bulls may keep price above the trendline in the days ahead with more candles open and closed above the EMAs as momentum increased and new traders take positions.
Live Zcash (ZEC) Price:
1 ZEC/USD =$93,94 change ~ 1.26%
Coin Market Cap$634.05 Million
24 Hour Volume$340.27 Million
24 Hour Change$ 1.1700IndexBitfinexKrakenGeminiExmoCexio1D1W1M3M1YALLValue$94May 21May 25May 29JunJun 06Jun 10Jun 1465707580859095Volume$306,089.42May 21May 25May 29JunJun 06Jun 10Jun 1402,000,0004,000,000May 21May 25May 29JunJun 06Jun 10Jun 14
24 Hour VWAP$93
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Zcash operator hit with $2 mln lawsuit due to unpaid stocks to ex-employee
According to court documents filed May 29, the parent company behind Zcash, is facing a $2 million lawsuit over unpaid shares.
The Superior Court of California in San Francisco received the complaint from ex-employee, Simon Liu. Liu brought forward the charges after he didnt recieve $15,000 worth of stock in 2016. Simon Liu is reported to have worked for Zerocoin in the past, which now is known as the Electric Coin Company.
Liu, claims the company was not legally permitted to offer the equity and as quoted from the court documents:
“Plaintiff is informed and believes, and thereon alleges, that Zerocoin did not have the authorization to issue common stock to employees in 2016, and that Defendants, and each of them, were aware that Zerocoin did not have such an authorization.”
Liu also claims that any requests to view company documents were denied. At this time Zooko Wilcox, CEO of Zerocoin, or anybody in the company has yet to comment on these matters.
Zcash Price Analysis: Does ZEC/USD Have Enough Strength For A Breakout?
On June 4, the Zcash price (ZEC) reached an hourly high of $83.3. A rapid decrease ensued and the price made a low of $75.4 the same day.
Since then, the price has been gradually increasing, reaching highs above $73 on June 7.
Below we are going to analyze the Zcash price in different timeframes alongside technical indicators and try to predict its future movement.
Zcash Price (ZEC): Trends and Highlights for Jun 7, 2019
- ZEC/USD is trading inside an ascending channel.
- The moving averages have made a bearish cross.
- The price is struggling to break out above the 0.5 fib line of the entire drop.
- There is resistance near $84 and support near $76.
The price of ZEC on Binance is analyzed at one-hour intervals from June 4 to June 7 in order to trace its current pattern.
On June 5, the Zcash price )ZEC) made a low of $75.38. An upward move ensued, and ZEC/USD made a high of $80.3 the same day.
Since then, it has been trading inside the ascending channel outlined below:
At the time of writing, the Zcash price (ZEC) was trading close to the resistance line of the channel. Previously, it had made three unsuccessful attempts at breaking out above this line.
Will this one be successful? A look at technical indicators is required in order to answer this question.
The Zcash price is analyzed alongside the 100- and 200-period moving averages (MA) below:
On June 5, the 100- and 200-period MAs made a bearish cross. This often indicates that a downtrend has begun.
The recent upward movement took the Zcash price (ZEC) above the 100-period MA. However, it is still trading below the 200- period one.
The price is also struggling to break out above the 0.5 fib line of the entire drop.
It previously made an unsuccessful attempt at breaking out on June 4, before reversing and making a low on June 5.
These indicators and fib ratios indicate that there is significant resistance near current prices. However, there are no definite signs that the Zcash price (ZEC) will not break out above it. Most short-term technical indicators give a neutral outlook.
Therefore, the most likely scenario is that the price will continue to trade within the confines of the channel, possibly dropping to validate the support line once more.
One resistance and one support area are traced for ZEC/USD below. If a decisive move occurs, they are likely to provide a reversal.
The closest resistance area is found near $84. If the price continues to increase at the rate predicted by the channel, it is likely to reach this area on Jun 9.
The closest support area is found near $76. If the price breaks down from the triangle, it is likely to provide support and possibly initiate a reversal.
The Zcash price (ZEC) s trading in an ascending channel. The 100- and 200- hour moving averages have made a bearish cross. An analysis of technical indicators supports gradual price increases at the rate predicted by the channel.