Zcash Price Analysis – ZEC/USD
Zcash the 19th largest cryptocurrency which is aiming at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin having its market cap coin at the level of $313,526,730, 10:45 UTC on December 08 extended its nose-dived approach as the current value is slashed by 57.9% relative to the level of November 12 as analyzed from the aforesaid graph.
To clarify more about the scenario, let me walk you through the technical picture of the ZED/USD pair as follows:
As we can analyze that both moving averages have steeply down which is a negative sign and signals a “downtrend” in value. With this, the falling 20-day EMA signifies that the bears have the upper hand. The ZEC remains in a bearish trend in its medium-term outlook. Let us not forget that the strong bearish pressure has successfully dropped in current value by making it the lowest low of the day before exhaustion set in. The formation of the range of value represents a possible trend reversal with the bulls staging a comeback soon. However, since no bullish patterns that suggest a buy as of now, hence, it is best to remain on the sidelines. Traders and all that would like to execute trading/selling activities should wait for the trend to rebound and a bottom to form before initiating any long positions in it. The 20-day EMA states that the balance is tilted in favor of sellers.
On the contrary, those that would like to invest in this cryptocurrency, the current fall offers an excellent opportunity to invest in the long term.
Since ZEC remained range bound from October 12 to November 07 this year, the cryptocurrency rallied from a low of $109 to a high of $139 which is a 25.52 percent return within twenty-six days.
After ZEC stayed in the range of $109–$138 from September 17 to November 19 as analyzed from the above graph, since then the bears broke below it and experienced continuously downward fluctuating till date.
Last but not the least, when the bulls succeed in rising and sustaining above the current resistance level as analyzed form the graph above, and start trading above the EMA, an investor’s sentiment will likely to buy more of the currency thereby increasing the current pricing. The next support level can be estimated at $59.
The post Zcash (ZEC): Price Analysis, Dec. 08 appeared first on CryptoNewsZ.
