Zcash Price Analysis: ZEC is Experiencing Deep Selloff Near 2021 Lows

• Zcash price is trading with strong downtrend momentum over the daily price chart.
• The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average.
• The pair of ZEC/BTC is at 0.00286 BTC with an intraday gain of 1.28%.

Zcash price has been trading below a downward sloping line over the daily price chart. ZEC bulls tried multiple times to register the token’s breakout but failed to sustain and got detained each time. However, ZEC is presently falling after facing rejection from the downward sleeping line. ZEC is trading with strong downtrend momentum over the daily chart. ZEC bulls must accumulate themselves to register a trend reversal for ZEC coin.

Zcash price is presently CMP at $63 and has lost 5.42% of its market capitalization in the last 24-hour period. Trading volume has decreased by 1.42% in the intraday trading session. This shows that bears are getting involved in the trade and maintain the conditions in their favor. However, bulls must come forward to accumulate themselves to register the ZEC coin’s recovery phase. Volume to market cap ratio is 0.2029.

ZEC coin price is trying to gain uptrend momentum. However, the token is currently facing short-selling pressure and is in a bearish rally. So, bulls must accumulate themselves to register a trend reversal. Meanwhile, volume change can be seen under the influence of bears but it’s still below average. ZEC bulls must accumulate to bring the volume in their favor in the intraday trading session. In Contrast, ZEC is currently trading at the lowest level from 2021 and it falters to gain support from buyers. Peer selling pressure can be seen over the cryptocurrency and it should avoid falling more over the daily price chart. ZEC investors need to wait for any directional change over the chart. 

What do Technical Indicators Suggest about ZEC?

ZEC coin price currently falters to gain support at the lowest level of 2021. The token must gather support from buyers to register the trend reversal. Technical indicators suggest the downtrend momentum of ZEC. Relative Strength Index showcases that ZEC is being oversold at the moment. RSI is at 27 and ZEC investors can expect any directional change as soon as RSi returns from the oversold territory. MACD exhibits the bearish momentum of Zcash Coin. The MACD line is below the signal line after a negative crossover. 

Conclusion 

Zcash price has been trading below a downward sloping line over the daily price chart. ZEC bulls tried multiple times to register the token’s breakout but failed to sustain and got detained each time. ZEC is currently trading at the lowest level from 2021 and it falters to gain support from buyers. Peer selling pressure can be seen over the cryptocurrency and it should avoid falling more over the daily price chart. ZEC investors need to wait for any directional change over the chart. RSI is at 27 and ZEC investors can expect any directional change as soon as RSi returns from the oversold territory.

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.