ZEC Coin Took Support: Is this A Promising Sign for the Buyers?

• The ZEC volume has decreased by over 50% in the last 24 hours.
• ZEC has an open interest of $15.02 Million.

ZCash (ZEC) is a cryptocurrency emphasizing privacy, employing zero-knowledge cryptography to enable secure and confidential fund transfers. As an open-source digital currency, ZCash utilizes a distinctive cryptographic protocol known as zk-SNARKS to obscure the sender and receiver.

Operating on a Proof-of-Work algorithm, ZCash employs the equihash consensus mechanism to secure its network.

Financials of the ZEC coin:

The ZEC coin is currently priced at $28.72, experiencing a 0.8% decline in today’s market session. It is exhibiting a negative candlestick pattern marked by lower lows.

The total trading volume for the ZEC coin stands at $19.05 Million, witnessing more than 50% decrease in the last 24 hours, indicating increased selling activity.

The open interest of ZEC is $15 Million, showing a 1.01% decline today, it suggests that buyers are closing their positions. The coin is ranked at #120 by market cap, the volume/market cap ratio of the coin is 0.13, and its market cap dominance is 0.028%.

Zcash (ZEC) Technical Analysis

After reaching its peak at $370.99 in May 2021, the coin underwent a significant decline of over 90%. However, it found support at an all-time low of $23.07.

Currently, on the daily timeframe, the price is navigating a falling channel. Despite attempts to rebound after hitting the support level, these efforts proved unsuccessful. Presently, the price has been consolidating near the support level for the past four months.

The appearance of red candles, indicating profit booking, suggests that buyers are closing their positions.

The overall status of the coin reflects a weak momentum, and if the price breaks below the support level, further declines can be anticipated in the upcoming days.

Technical Indicators Overview of ZEC Coin

The current MACD line of ZEC coin resides below the signal line, indicating a negative pattern and suggesting a potential future price decline.

Additionally, the RSI line for ZEC is trading under the SMA line. This configuration is deemed a negative pattern, heightening the likelihood of a future price decline.

ZEC Coin Chart By TradingView

Conclusion 

The ZEC coin is exhibiting a weak pattern, followed by the formation of declining volume. The open interest of the coin is decreasing and the indicators are negative for the coin. If the price breaks below the support level of $23.07, a further downward level can be seen.

Technical Levels

• Support Levels: $23.07 and $34.3
• Resistance Levels: $31.4 and $67.42

Disclaimer

The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.