Zcash Price Analysis: ZEC is Nearing its Key Support Level, Wait for The Right Moment
- Zcash price has been trading narrow sideways for the past several days.
- Buyers are struggling below the 20-day exponential moving average on the daily time frame.
- Last night, trading volume fell by 34% to $37 million.
Since last week, the value of Zcash Coin (ZEC) has been trending downward. Following yesterday’s gains, purchasers are struggling to sell in the midday trading period. The bulls appear to be tired of reversing the negative pullback in bullish momentum. As a result, the price of ZEC is rising approaching the crucial round level zone of $50.
Although the ZEC token has been dropping for the previous several months, the bears discovered a selling point at the $80 level as the price reversed repeatedly before bursting out, but the bulls still located the asset price gathering at this level. If there is a rally, this must be done. Zcash currency was under panic selling last week because to lower-high formations.
In terms of the daily price scale, ZEC observes a lower-higher trend in each time frame, therefore, bears sell assets near the 20-day exponential moving average while retesting. Moreover, the current price stays below the 20-EMA, conversely, above the $50-key support level.
Although the Chopness Index went down and slipped below the halfway point, the ZEC coin remained sideways, however. Meanwhile, at the time of writing, the ZEC token is trading at the $54.6 mark, up 3.5% over the past 24 hours. Despite last night’s recovery, trading volume fell 34% to $37 million.
Bears Sell ZEC Coin Near 20-EMA
Stoch RSI indicator is going to dip into highly oversold territory in terms of daily price scale. In the next few trading sessions, buyers can see a trend reversal from the given indicator. Conversely, the MACD indicator again started moving below the neutral zone.
Zcash coin is looking close to its key round level support at $50, buyers may see a rally near this level. However for a longer term outlook, ZEC is observing bearish momentum until the price breaks below the 20 exponential moving average.
support level- $50 and $40
Resistance level- $80 and $100
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