•ZEC/USD is currently priced at $55.08 and has increased by 3.03% over the past day
•The trading volumes have increased by 74.21% over the past day
•The technical indicators suggest a bearish outlook for the short term
Short Term View: Zcash left in a bind as bears take over
The live Zcash price today is $55.08 USD with a 24-hour trading volume of $55,816,820 USD. We update our ZEC to USD price in real-time. Zcash is up 3.03% in the last 24 hours. The trading volumes have increased manifolds over the past day, suggesting increased investor activity. The Volume to Market Cap Ratio stands at 0.06615 and a bullish trend reversal looks a long way off.
The golden run Oct 2016 saw Zcash climb to its all-time high of $5,941.80, a price level which it has been trying to reclaim ever since, but to no avail. The coin is currently stuck in a rut as it trades above the 20 SMA but below the 50 SMA on the four-hour chart, which suggests indecision on the part of the investors. Currently, the asset is trying to halt the bearish trend as some may have jumped in to buy at the dip, yet the selling pressure does not seem to have eased. If Zcash continues on its current trajectory, it would likely find support at $50 while the resistance lies at $60 on the other end of the spectrum.
Long-term View for Zcash Price
The technical indicators for Zcash suggest a bearish outlook for the near term in spite of the bulls’ efforts to push the prices up in recent days. The red histograms present on the daily MACD chart depict the increasing strength of the bears. They remain firmly in the driver’s seat, as the MACD and signal lines continue to transact in the negative zone while the bears have gained an edge. The RSI, on the other hand, stands at 41.62 in the neutral zone. If the bears are able to intensify their efforts, we can expect Zcash to retest the support in the next 24 hours.
Conclusion
Zcash had been on a good run over the past month but the recent correction has squeezed out the bullish momentum. It is currently in the midst of a downtrend as is validated by the technical indicators. If Zcash continues with the downtrend, it may hit the support levels in the short term.
Support: $50
Resistance: $60
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.