ZCASH Price Analysis: The ZEC Bulls are Back in Business 

  • The sinking price was pulled over the daily price chart by the ZEC bulls, who had given up.
  • The crypto asset is moving above the 20 days moving average and is about to approach the 100 days one.
  • The ZEC/BTC pair is at 0.002713 which is at a gain of 2.12%.

The ZEC bulls gave their hand and pulled the sinking price over the daily price chart. The Price was sinking amid the Bitcoin domination, which is suffered by the whole crypto market. Now the bulls are helping the coin to recover back, but the process is very slow this time. The coin needs to attract some buyers to improve the bulls’ efficiency and strength.

The sinking price has started recovering but still the trading volume is at a decrease of more than 34% over the intraday trading session, which should be the prime concern for bulls now. The bulls pushed the price from a lower low of $60.20 and ,any more to go. The investors are facing huge losses as the price is once again back to its all time low, but they may find this dip interesting and can make a good entry to the market.

The current price for one ZEC coin is trading at $62.91 which is at a gain of 2.73% in its market capitalization in the last 24 hrs. The coin has a trading volume of 64.1 million which is at a loss of 34.75% in the 24 hrs trading session and has a market cap of 935 million. The volume market cap ratio is 0.06889.

Short-term Analysis for ZEC

The ZEC price closely shows the initiation of the recovery phase over the short term (4 hrs ) price chart, which signifies the bulls are back to support the coin and prevent a collapse.

The MACD indicator shows the seller’s line is moving above the buyers line but as the buyers are now actively participating in the market the red histogram has begun to shrink and we might witness a positive cross over soon. In support the relative strength index also started moving towards the upper region showing the increase in buyings and the RSI value is moving above the 50 currently.

Conclusion

The ZEC bulls gave their hand and pulled the sinking price over the daily price chart. The price is now at an uptrend movement across all time horizons but still the coin needs to attract some buyers to improve the bulls’ efficiency and strength. The trading volume is at a decrease of more than 34% over the intraday trading session. The technical indicators over the short term graph shows a bullish trend can be expected further.

Technical levels

Resistance levels: $69 and $92

Support levels: $57.12 and $50.23

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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