- Zcash Price down by 17% in the current month.
- The ZEC crypto faced rejection from the 50 day EMA shows downtrend.
- Zcash crypto price forming a bearish pattern.
Zcash Price fell 17% in the current month and dropped below the crucial support of $30.00. From the past few months, ZEC Price continues to decline by forming lower low swings which raised the concern for the long term investors.
In the mid of march, ZEC Price took support near $30.00 and showed a decent rally of 44% in the short span of time. It created a hope for the bullish trend reversal but sadly, the momentum halted near $43.00 and prices again reverted downside.
The 50 day and 200 day EMA sloping downward denotes ZEC prices are in downtrend. If any short term pull back is visible then the 50 day EMA will act as an immediate hurdle for the bullish traders.Â
ZEC Price tried multiple times to sustain the above EMA but got rejected. It shows strong sellers are active and keeps on selling on every rise. Till Zcash Price remains below $30.00, any short term up-move will face difficulty to sustain in higher levels.Â
Zcash Price is trading at $26.25 with an intraday rise of 1.49%. The 24 hour volume to market cap is 4.61%. Whereas, the ZEC/BTC pair is trading at 0.000991 with an intraday rise of 1.23%.
Will Zcash Price perform in the 2nd half of 2023?
Zcash Price corrected a lot from the previous swing high at $43.00 and formed a bearish pattern. Every crucial support is breaking down and bears turning the support levels into resistance.
If the ZEC crypto recovers and is able to push the price above the $30.00 then prices might show some decent pull back rally. Else the prices are expected to remain in the consolidation only.
However, if the sell off continues and prices drop below $21.00 then the next phase of downfall might begin.
After analyzing the current chart structure, The ZEC crypto is in bear grip and no sign of recovery or reversal is visible. Therefore, the possibility of positive momentum in the 2nd half of 2023 is quite low.
ZEC Price Analysis: Weekly outlook
ZEC Price showed a sharp decline in the beginning of June and formed a bearish Marubozu candle on a weekly time frame.
The crypto leader Bitcoin price also fell miserably and attempted to break the $25K. This triggers the negative sentiment all over the crypto market and impacts the prices of Altcoins.
The MACD curve displayed a fresh positive crossover indicates mild bullishness. But the confirmation is still awaited. The RSI at 40 recovering from the oversold territory denotes buyers are returning back to track.
Conclusion
Zcash Price showed a sharp decline of 17% in the current month. ZEC price hit a fresh low at $21.70 which raised concern for the long term investors. However, the prices are recovering from lower levels and buyers trying to regain the $30.00.
The technical analysis suggests Zcash price is in bear grip and possibility of sharp rebound is low.
Technical levels
Resistance levels: $30.00 and $43.00
Support levels: $20.00 and $18.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
