- Zcash price went through a three descending peaks pattern over the daily chart.
- The crypto asset is trying to recover to 20 SMA and aims for a 50, 100, and 200-days Daily Moving Average.
- The pair of ZEC/BTC is at 0.003087 BTC with an intraday drop of 0.87%.
Zcash price went through an interesting falling pattern over the daily chart. The token is coming through a three descending peaks pattern over the chart. Zcash, after falling through the descending peaks, tries to reverse the momentum, but it looks like Zcash bulls falter at the current level. ZEC bears are trying to pull the token back. However, Zcash bulls must accumulate to register the token’s recovery phase. The whole cryptocurrency market is going through a steady recovery phase as Bitcoin surpasses the psychological barrier of $30000. Meanwhile, Zcash is one of the altcoins that always amaze its investors with a great recovery rate. On the contrary, the high volatility of the cryptocurrency market always leaves investors stunned.
Zcash price is presently CMP at $97 and has gained 3.32% of its market capitalization in the last 24-hour period. Trading volume has increased by 25% in the intraday trading session. This shows that buyers are still getting involved in the trade for ZEC, but they are not upto the mark. Sellers are overpowering the buyers at the moment. Buyers need to find a way to accumulate themselves during the intraday trading session. The volume to market cap ratio is 0.09556.
Zcash coin price opened today’s trading session with slight selling pressure over the daily chart. The token must sustain at the current level to maintain the past bullish momentum over the chart. However, volume change can be observed below average and needs to grow for ZEC to sustain. ZEC bulls must come forward to prepare for the sustainability of the token.
Support at the lower end is $82, and resistance on the higher side is $110.
Will this Calm Breeze help ZEC or will ZEC get Detained?
ZEC coin price has been trading bullish over the daily chart, but it looks like ZEC bulls falter to sustain at the current level, and the token is experiencing a slight sell-off as the trading session starts. The formation of a red candlestick denotes slight selling pressure over ZEC during the intraday trading session. However, the volume change favors bulls, which means ZEC bulls may successfully sustain at the end of the intraday trading session by closing the candle with green.
Technical indicators suggest that ZEC may fall at any moment now. Relative Strength Index showcases that ZEC is planning to return from neutrality. MACD exhibits that the MACD line is ahead of the signal line and may cross the signal line downwards at any moment. ZEC investors need to wait for any directional change over the daily chart.
Conclusion
Zcash price went through an interesting falling pattern over the daily chart. The token is coming through a three descending peaks pattern over the chart. The token must sustain at the current level to maintain the past bullish momentum over the chart. However, volume change can be observed below average and needs to grow for ZEC to sustain. ZEC investors need to wait for any directional change over the daily chart.
Technical Levels
Support Levels: $82
Resistance Levels: $110
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.
