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Zcash Price Analysis: ZEC Crypto Stuck Inside the Range, What about Its Recovery?

Zcash Price Analysis: ZEC Crypto Stuck Inside the Range, What about Its Recovery?

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  • Zcash price has consolidated within a range during the daily price chart.
  • ZEC crypto has dropped below the 20, 50, 100 and 200 day moving averages.
  • The ZEC/BTC pair is at 0.002936 BTC with an intraday drop of 2.84%.

As Zcash pricing has attempted to exit the consolidation phase, bulls have regularly failed to hold on to gains at the threshold of the phase. The positive comments about ZEC indicate that they are now focusing on proving the difference of the token from the horizontal domain. However, the price of the token has remained constant between $51.00 and $70.00. The price of ZEC is currently entering the upper range of the consolidation period while in a strong uptrend. For the signal to move above the cage area, the ZEC bulls must maintain their position on the trend line.

Right now the expected price of ZEC is $58.33; the previous day, its market value fell by 4.53%. In the meantime, the trading volume has decreased by 39.41%. This shows that buyers are trying to increase their own holdings to follow the recovery process of ZEC coin. The volume to market cap ratio is 0.05114.

On the daily price chart, ZEC is increasing in price as it approaches the upper trend line of the consolidation phase. Bulls need to gather in the ZEC to see the sign break out. However, the bears can stop the ZEC coin’s upward momentum at any time, as the volume indicates that the rate of accumulation is limited. If ZEC’s bulls want to avoid falling into bear traps, they need to build up quickly.

What do the technical indicators suggest about ZEC?

On the daily chart, the ZEC coin price is trying to stay at the current level during the consolidation phase. Technical cues indicate that the uptrend of the ZEC currency is accelerating.

Sideways movement of the ZEC currency can be seen using the relative strength indicator. At 42, the relative strength index remains unchanged below the neutral value. MACD shows the rate of decline of the ZEC currency. MACD and signal lines are on the verge of crossing adversely. ZEC investors need to monitor the daily chart for trend changes.

Conclusion

As Zcash pricing has attempted to exit the consolidation phase, bulls have regularly failed to hold on to gains at the threshold of the phase. The positive comments about ZEC indicate that they are now focusing on proving the difference of the token from the horizontal domain. However, the price of the token has remained constant between $51.00 and $70.00. The price of ZEC is currently entering the upper range of the consolidation period while in a strong uptrend. If ZEC’s bulls want to avoid falling into bear traps, they need to build up quickly. Technical cues indicate that the uptrend of the ZEC currency is accelerating. ZEC investors need to monitor the daily chart for trend changes.

Technical levels

Support levels: $57.00 and $51.00

Resistance levels: $62.00 and $70.00

Disclaimer

The views and opinions expressed by the author or any people named in this article are for information only and do not constitute financial, investment or other advice. Investing or trading in crypto-assets involves the risk of financial losses.

Latest posts by Nancy J. Allen (Show all)

Source: https://www.thecoinrepublic.com/2022/09/17/zcash-price-analysis-zec-crypto-stuck-inside-the-range-what-about-its-recovery/

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