Zcash
Zcash Price Analysis: Overcoming the Downtrend Bulls Gave Crucial support.
- The ZEC price followed the downtrend for a long time over the daily time graph, but now bulls gave a relief.
- The crypto asset is trading below the 20, 50, 100 and 200 daily moving average.
- The ZEC/BTC pair is at 0.003131 BTC with a gain of 5.65%.
Zcash is a decentralized cryptocurrency focused on privacy and anonymity. Zcash’s main advantage lies in its optional anonymity, which allows for a level of privacy unattainable with regular, pseudonymous cryptocurrencies like Bitcoin and Ethereum.
The ZEC price followed the downtrend for a long time over the daily time graph, but for now it looks like the bulls have come forward to rescue the token. Looks like the uptrend has started, but the overall market is bearish so the bears will not leave the coin easily for the bulls to take over. The bulls need to apply the same or more strength continuously to defeat the bears. The price is trading above the exponential moving average.
The current price for one ZEC coin trades at $96.02 with a gain of 11.46% in its market capitalization in the last 24 hrs. The coin has a trading volume of 121 million with a nice gain of 34.89% in the last 24 hrs trading session and a market cap of 1.3 billion which is at a gain of 11.48% in it. The volume market cap ratio is 0.08589.
Short term Analysis
While analyzing the graph for a short term (4 hrs) we can observe the beginning of an uptrend, showing the efforts of bulls over the coin. The bears will soon come to push the bulls and take over the market.
Technical indicators like MACD indicate a bullish run further and this time the signal looks quite stronger as the histograms are green and big, and the gap between the MACD and MACD signal line is getting broader.
Whereas the relative strength index just touched the overbought region and is again turning back. The RSI value is nearly equal to 60
Conclusion
The ZEC price followed the downtrend for a long time over the daily time graph, but for now it looks like the bulls have come forward to rescue the token. The price is trading above the exponential moving average. The trading volume has gained 34.89% in the past 24 hrs. The RSI indicator is again making a downward turn scaring the investors.
Technical levels
Resistance levels: $100 and $105.
Support levels: $81 and $70.
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.
