- Zcash Price might see a fall in the near future considering the technicals.
- ZCash is trading below all the significant 50,100 and 200 day Moving Average.
- ZEC/BTC is trading at 0.002791 BTC with an intraday change of +1.01% while the ZEC/ETH is trading at 0.03964 ETH marking an intraday loss of -0.70%.
ZCash Price is currently trading below all the significant 50, 100 and the 200 day moving averages. The 50 day moving average acted as resistance which the price wasn’t able to break and also failed to hold the 100 day moving average support. This scenario is in complete favour of the bears for the time being. If it fails to stay above any of the mentioned moving averages, we might see ZCash dump in the near future.
The Relative Strength Index (RSI) is showing a bearish momentum with the RSI line below the normal zone. Previously, the RSI tried to break the normal zone which it wasn’t able to! We might witness more selling leading to the RSI falling down and hence the price of ZCash.
The Moving Average Convergence Divergence (MACD) is also suggesting momentum in favour of bears. The MACD line is below the signal line and both are below the zero line. The histogram is also forming red bars, all of these showcases an absolute edge for the bears.
The Fibonacci indicator is suggesting support at $104 and $83 price level. The price is currently trading very close to the Fibonacci price level of $117.2, how today’s candle will close will matter. But overall the bears are having a clear edge. The $127.6, $138 and $152.7 price levels will act as resistance in the long run.
NOTE: The moving average 50,100 and 200 are in colour Yellow, White and Red.
The MACD line is coloured Blue and the Signal line is coloured Red.
The important support and resistance levels to watch for are:
SUPPORT: $104 and $83
RESISTANCE: $127.6, $138, $152.7
TAKEAWAY: With all the technicals in favour of Bears, we might see a fall in the price of ZCash in the near future. The support levels indicated by the Fibonacci indicator will be crucial.