Zcash Price fell 13%; ZEC Price struggles to defend yearly low

• Zcash Price fell 13% approx on a monthly basis and formed a bearish pattern.
• ZEC Price trading below the 50 and 200 day EMA showcase downtrend.
• Zcash crypto price is struggling to defend the 52 week low at $29.70.

Zcash Price fell 13% on a monthly basis and eroded the returns generated in the past few months. It got a sharp rejection from $43.00 and prices continued to decline by forming lower lows. 

ZEC Price forming a highly bearish pattern and buyers trying their best to defend the yearly lows. However, till price holds $29.70 the possibility of short term bounce remains high. 

Zcash Price is trading below the 50 and 200 day EMA showcase positional as well as short term trend is downward direction. However, the price has gone far away from both the EMAs. Therefore, a surprising pull back might trigger from the lows. 

Zcash Price is trading at $32.5 with an intraday rise of 1.56%. The 24 hour volume to market cap ratio is 0.0309. The pair of ZEC/BTC is trading at 0.001190 with an intraday decline of 0.17%. 

The chart structure of ZEC with the Bitcoin pair is in a strong downtrend and hitting yearly lows. It seems like sellers are more aggressive and active in the ZEC/BTC pair as compared to the USDT pair. 

At the mid of April, ZEC price climbed above $40.00 level which created a hope for trend reversal. Unfortunately, prices failed to give the follow up momentum and faced hurdle at $43.00. 

After, a little bit of consolidation prices witnessed sharp profit booking which invited the decline. Slowly, prices dropped below the 50 day EMA and eroded the previous gains. 

Will Zcash Price recover or create a fresh low?

Zcash Price is quite stable but the up-moves are not sustainings. It shows sellers’ dominance on the higher levels. If the buyers succeed to defend the 52 week low at $29.70 then short term rebound is possible. 

However, the price will pick up momentum only after breakout of $43.00 hurdle. Till then prices are expected to consolidate in a range between $30.00 to $43.00. If the price consolidates in range for a few months, then it might be a sign of long term base formation. 

On the other hand, if the sell off continues and the price dropped below $29.00 then it will trigger negative sentiment. Bears will drag the price further down and more downside will open. The technical analysis suggests, ZEC price is in bear grip but till price holds $29.70 short term bounce may arrive soon. 

ZEC Price fallen for five consecutive weeks

ZEC Price has fallen for five consecutive weeks which shows the strength of bears. The genuine buyers seem to be hesitating to create long positions due to lack of confidence in Zcash chart structure. If the overall market recovers then it may positively impact the prices of Altcoins. Else price is expected to trade in consolidation. 

The technical indicators like the MACD curve are sloping sideways. It denotes prices lacking direction and likely to consolidate for some more time. The RSI at 37 reversing upward from the oversold territory denotes price getting ready for short term bounce.

Conclusion

Zcash Price fell 13% on a monthly basis and formed a bearish pattern. ZEC Price is in downtrend and no signs of recovery is visible. The technical analysis suggests, till price holds $29.70 short term bounce is possible. 

Technical levels

Resistance levels: $43.00 and $50.00

Support levels: $29.70 and $25.00

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.