Zcash (ZEC) Price Analysis: Unsuccessful Attempt Of $40.00 Providing Heavy Price Damage

  • Zcash currency price hasn’t shown any significant price movement for the past few days.
  • Currently, it is having an overall loss of -1.07% and is at the support level of $36.
  • The ZEC/BTC pair is also facing the downfall of -0.09% bringing the current price to $0.0050.
Capture
Source: Coinmarketcap

On the 7-day weekly chart, Zcash currency price started with a strong level of $32 and gradual momentum brought the price to the support level of $35 at the starting of this month. The support level provided altcoin the required boost, which increased the price level to $38. However, Zcash has then failed to show any significant movement in today’s market.

The current price is $36.76 with the market capitalization of $358,450,995 and 24h volume traded of $562,700,691.

The altcoin can show a lot of potential in price movement as it was at the level of $35.00 at the starting of February. The cryptoasset just needs another positive push to the price level of $38.00.  

Screenshot (173)
Source: Tradingview

The technical graph reflects on the bullish and bearish movement of Zcash from the starting of the previous month to date. The bullish momentum describes the potential of the coin as well as strong future fundamentals and projections too. We can say that the downfall was the result of sharp rising rallies and market forces of bearish cryptomarket.

The technical indicators and oscillators suggest that ZEC bulls have still some potential left. CCI had overcome from the overbought region by having a negative divergence in the market. MACD levels are showing signs of positive momentum in the bullish zone. However, RSI is downtrending in the level to 50 which indicates that the altcoin can break the major support level of $35 again.

Resistance Level: $38 & $40

Support Level: $35

 

Most Read:  Tezos (XTZ) Price Analysis: Tezos Coin Price Still Fights For $3.00 Price Level.

The post Zcash (ZEC) Price Analysis: Unsuccessful Attempt Of $40.00 Providing Heavy Price Damage appeared first on CryptoSyringe: Cryptocurrency , Bitcoin, Ethereum & Blockchain News.


Source

You May Also Like

Leave a Reply

Don't Miss Your Investment Opportunity

More than 3500+ readers already joined. Subscribe to our free newsletter and follow us!

You have Successfully Subscribed!