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Despite seeing minimal gains, the ZCASH market seems dominated by bearish sentiments. The token has only managed to print minute profits following a steep price decline. Let’s dive in to see what may still be in store for this market.
Key Price Levels:
Resistance: $20.00, $25.00, and $30.00
Support: $19.00, $14.00, and $9.00
ZCASH Bearish Volatility Cools Near the $19.00 Mark
Price action in the ZEC daily market has fallen below the Exponential Moving Average (EMA) curve. However, in recent trading sessions, it appears that the intensity of the price decline has reduced after price action broke the psychological support at the $20.00 price level. Today’s trading activity has posted a very small upside rebound off the support level at the $19.45 price level.
Also, the bars of the Moving Average Convergence Divergence (MACD) below the equilibrium level can be seen appearing pale green, indicating declining bearish momentum. However, not much may be expected from this, as a more critical examination of price movement is required in this market.
ZEC Market Forces Are Locked in Close Combat
While ZCASH price action remains below the EMA lines, it can be seen that the earlier spotted bounce off the $19.45 support seems to have come under considerable pressure all too soon. The last price candle corresponding to the ongoing session appears as a spinning top price candle while still below the EMA curves.
Additionally, the MACD indicator lines aren’t trending in either an upward or downward direction but continue sideways. As a result, technical indicators are not creating the required lift to propel any upside rebound at the moment. Therefore, it appears that the market may continue to approach support at the $19.00 price level. So, bearish crypto signals are more attractive at this point.
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