Zcash Price Analysis: ZEC Must Recover Itself from this Range, What’s the Plan?

• Zcash price has been consolidating inside the range over the daily price chart.
• ZEC crypto is trading below 20, 50, 100 and 200-days Daily Moving Average.
• The pair of ZEC/BTC is at 0.002798 BTC with an intraday gain of 0.24%.

Bulls have frequently had trouble maintaining gains at the phase’s threshold when Zcash pricing has attempted to leave the consolidation phase. Positive ZEC feedback indicates that people are presently focusing on demonstrating how the token differs from the horizontal range. The price of the token, however, has stayed the same at $52 to $70.00. In a strong rally, the price of ZEC is currently rising into the top range of the consolidation period. By maintaining their position at the trendline, ZEC bulls must keep the token above the caged region.

Yesterday saw a 2.99% decline in the market capitalization of ZEC, and its current forecast price is $54.3. Trading volume has decreased by 6.27% since that time. This suggests that sellers are trying to increase their own holdings in an effort to duplicate the path taken by the ZEC coin to destruction. Volume to market cap ratio is 0.04413.

Source: ZEC/USD by TradingView

ZEC’s price is rising on the daily price chart as it gets closer to the consolidation phase’s upper trendline. Bulls must assemble at ZEC to see the breakout of the token. However, because volume shows that the rate of accumulation is limited, bears could halt the ZEC coin’s upward momentum at any point. To avoid slipping into any bearish traps, bulls in ZEC must accumulate swiftly.

What do Technical Indicators suggest about ZEC?

Source: ZEC/USD by TradingView

The ZEC coin price is striving to hold at the current level on the daily chart during the consolidation period. Technical data indicates that the ZEC currency’s downward trend is quickening.

The increasing trend of the ZEC currency is shown by the relative strength indicator. The RSI is at 46 and heading in a neutral direction. The ZEC currency’s rising velocity is shown by the MACD. The MACD and signal lines are about to cross in a constructive way. Investors in ZEC should keep an eye on the daily chart for any changes in trend.

Conclusion

Bulls have frequently had trouble maintaining gains at the phase’s threshold when Zcash pricing has attempted to leave the consolidation phase. Positive ZEC feedback indicates that people are presently focusing on demonstrating how the token differs from the horizontal range. The price of the token, however, has stayed the same at $52 to $70.00. In a strong rally, the price of ZEC is currently rising into the top range of the consolidation period. However, because volume shows that the rate of accumulation is limited, bears could halt the ZEC coin’s upward momentum at any point.  The MACD and signal lines are about to cross in a constructive way. Investors in ZEC should keep an eye on the daily chart for any changes in trend.

Technical Levels

Support Levels: $53.00 and $51.00

Resistance Levels: $60.00 and $70.00

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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