ZEC Price Analysis: Weakening bullish presence of Zcash bulls leads to the breach of key support level
•ZEC/USD is currently priced at $89.72 and has increased by 0.81% over the past day
•The trading volumes have increased by 2.28% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Will the Zcahs bulls be able to curtail the bearish trend?
The Zcash price today is $89.72 USD with a 24-hour trading volume of $91,264,890 USD. Zcash Coin is up 0.81% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.07 for the altcoin, which reflects the weak sentiment prevailing in the market.
Zcash Coin has taken a huge nosedive in value over the past few weeks as the formation of large red candles on the charts comes as a hammer blow to the bulls’ aspirations of providing impetus to the rally. The altcoin has witnessed a massive surge in selling activity as it trades below the 20,50 SMA on the four-hour chart. The continuation of the downtrend would spell trouble for the bulls as the bears will be looking to target the support levels located at $85 and $80 respectively. On the flip side, if Zcash breaks the resistance at $94, we may see a quick impulsive move towards the next resistance placed at the important psychological mark of $100.
Long Term View for Zcash
The technical indicators for Zcash Coin reinforce the bearish outlook as the RSI, after a fall in the metric in recent days, is currently transacting at 41.84, thus giving off a neutral signal. The green histograms on the daily MACD chart are stagnant as the altcoin struggles to attract the requisite bullish pressure to stage an uptrend. The MACD and signal lines are transacting in the negative zone as well, which adds to the overall bearish outlook for the altcoin.
The coming weeks may not be the best for Zcash Coin investors as the altcoin has formed yet another bearish pattern on the technical charts. Hence, investors need to tread carefully while dealing with the asset.
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.