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Zcash Price Analysis: What’s about this Bearish Rally inside this Falling Pattern?

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  • Zcash price is trading with a strong downtrend momentum over the daily price chart.
  • ZEC crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of ZEC/BTC is at 0.002739 BTC with an intraday drop of 0.64%.

Zcash price has been declining through a falling wedge pattern over the daily price chart. The token is trading in a strong besrihs rally and looks under full control of bears. ZEC coin must gather support from buyers in order to avoid falling significantly from the falling wedge pattern. However, this bearish rally is due to the traditional cryptocurrency and the greatest market dominator fell below $20000 and all other altcoins have started the bearish momentum. The peer selling pressure can be observed over the token. 

Zcash price is presently approximated at 53 and has gained around 0.43% of its market capitalization in the last 24-hour period. However, trading volume has decreased by 13.03% in the intraday trading session. This shows that bears are trying to pull the token below the falling wedge pattern over the daily price chart. Volume to market cap ratio is 0.09042.

ZEC coin price is trying to gather support from bulls but looks like the token is under full control of bears and is going through peer selling pressure. This selloff can be observed by the blood red volume bars over the daily price chart. However, volume change can be seen below average and ZEC bulls can alter these red candles in green by bringing this situation under their control. ZEC crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average. 

Support on the lower end is at $48.00 and resistance on the higher side is at $58.00.

Will ZEC be able to rise from 2021 lows?

Source: ZEC/USD by TradingView

ZEC coin price must gather support as soon as possible because the token has fallen till 2021 lows and is currently falling over the daily price chart. The token must gather support from the bulls and strictly needs to attract buyers in the intraday trading session. Technical indicators suggest the downtrend momentum of ZEC coin inside the falling wedge pattern. 

Relative Strength Index showcases that ZEC is about to enter the oversold territory. RSI is at 31 and is heading towards the oversold territory. ZEC investors can expect any directional change as soon as ZEC returns from the oversold zone. MACD exhibits the bearish momentum of the ZEC coin. The MACD line is about to cross the signal line downwards resulting in a negative crossover.

Conclusion   

Zcash price has been declining through a falling wedge pattern over the daily price chart. The token is trading in a strong bearish rally and looks under full control of bears. ZEC coin must gather support from buyers in order to avoid falling significantly from the falling wedge pattern. However, volume change can be seen below average and ZEC bulls can alter these red candles in green by bringing this situation under their control. Technical indicators suggest the downtrend momentum of ZEC coin inside the falling wedge pattern. RSI is at 31 and is heading towards the oversold territory. ZEC investors can expect any directional change as soon as ZEC returns from the oversold zone.

Technical levels

Support Levels: $48.00

Resistance Levels: $58.00

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.   

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