ZCASH Price Analysis: Weak supply side not beneficial in long run?

  • The 24 hours trading volume of the token is 340,406,098 and the gain of 88.07% was seen. The live price of ZCASH is $88.74
  • The token has shown the pattern of an inverted hammer in the last one hour.
  • The RSI oscillator for ZEC shows the SELL action.
https://s3.tradingview.com/snapshots/7/7GZLu14o.png

The ZEC has been running well below its 200 days moving average and also below its 50 days moving average. The chart above shows the movement of the token with respect to SMA-20, SMA-50 and SMA-200. SMA-20 has been falling and the token is showing the downtrend. The gradual fall in price of a token can be seen which shows the bearish sentiments leading in the market. SMA-200 was unachievable but SMA-50 was achievable at times in these last 3 months. The trendline marked in the chart shows the movement of SMA-20 above and below SMA-50 and so the returns were approximately 10-15% in this timeframe.

An RSI oscillator is also present in the chart which shows the proper time to buy or sell the token. RSI for the last 5 hours shows the value of 26.654 and marks the sell action. MA-5, MA-10 and MA-20 show the sell action as well. However, the Zcash at present is all set to buy. Total addresses are 781,698 for zcash and its top 10 and 20 holders have holdings not more than 20% whereas its top 50 and 200 holders have holdings not more than 30%.

The bull/bear power has the value of -11.9600 and shows the sell action. The high/low marks the sell action with the value of 6.4436.

The ZEC-BTC pair is trailing at the level of 0.002862 and the low of 3.71% was seen whereas the ZEC-ETH pair is trailing at the level of 0.04893 and the low by 1.76% was seen in the last 24 hours. The token has shown the percentage change by 9.72% since yesterday’s open.

The volume/market cap of the token is 0.3254 and its market dominance is 0.09%.

Conclusion: The days range for the coin is 84.10-100.48 and presently is at 85.15. The token is expected to show rise in the coming time but not in the near future. When SMA-20 crosses its SMA-50 zone then the profits would be visible and if you wish to hold the token for longer then it is expected that there is not much growth as the supply side is pretty weak. So it is beneficial to trade in this for a short term. However, you never know when the breakout will come and ZCASH could reach into another zone of running.

Technical Instruments:

Pivot: 88.13

R-1: 90.22

R-2: 91.51

S-1: 86.04

S-2: 84.75

Note:

  • The unit is USD
  • SMA-20: Green colour
  • SMA-50: Red colour
  • SMA-200: Blue colour

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